In 2019, we commissioned Indecon International Research Economists to examine and assess the funds industry and its impact on the Irish economy. Indecon produced their assessment and report by applying the techniques and methods that are internationally recognised and accepted by both government and private sector. Read the Economic Impact Assessment Report.
What did we learn from the Economic Impact Assessment Report?
Ireland benefits in very significant ways from the funds industry doing its job well and growing:
- 150+ companies directly employ over 16,000 people across ten different counties;
- The industry contributes over €830 million annually in direct taxes to the Exchequer;
- The industry enables regional employment opportunities to be offered across a significant number of our major cities and towns.
There are also significant benefits which flow into and across the economy as a result of what we do as an industry:
- Almost 33,000 of a total employment impact right across the country;
- €14 billion contribution to economic output which is being dispersed in communities throughout Ireland
- The support which our presence and track-record lends to Ireland’s reputation as a home for other types of knowledge-based activities
Because our industry is supporting the global requirement for savings and does so for an international audience, it has enormous scale potential and also tends to behave and react differently than sectors which are very domestically focused. We saw this during the financial crisis in 2008 and the years that followed where activity and employment in our industry were remarkably resilient and indeed grew. These characteristics help broaden the activity base in our economy, making it stronger and more diversified, which has positive and quantifiable knock-on effects across all sectors and markets.
The Indecon report means we now have a much clearer, fact-based understanding of the funds industry in Ireland, and the benefits of it at both a national and a regional level. From here our priority and focus is on ensuring that we continue to provide a solid, respected and trusted environment to enable future investment and growth.