Overview
 Overview of Irish Economy
 Key Business Sectors
 Skills requirements
Fastest growth rates in the EU…
…lead to falling unemployment
18
16
Unemployment rate
14
12
10
8
6
4
2
0
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
…increasing tax revenue
50
45
40
35
€ billion
30
25
20
15
10
5
0
97
98
99
00
01
02
03
04
05
06
07
Over reliance on building and construction left Ireland
exposed to the property crash.
40
35
30
€ billion
25
20
15
10
5
0
01
02
03
04
05
06
07
08
09
10
11
Resulting recession saw collapse of government revenue
and increasing expenditure…
120
100
80
60
40
20
0
2004
2005
2006
2007
Total Revenue
2008
2009
Total expenditure
2010
2011
A rise in government bond yields above 8% lead to a
request for financial assistance to the trokia
9
8
7
6
%
5
4
3
2
1
0
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10
Jul-10
Aug-10 Sep-10 Oct-10 Nov-10 Dec-10
Ireland has already delivered over €20 billion in austerity total adjustment amounts to over 20% of 2010 GDP
Gap between revenue and expenditure to close further
90
80
70
€ Billion
60
50
40
30
20
10
0
2011
2012
Total Revenue
2013
Total Expenditure
2014
2015
Dramatic improvement in unit labour costs
Unit labour cost forecast % change 2008-2013
UK
Germany
France
Italy
Eu-27
US
Euro area
Portugal
Spain
Greece
Ireland
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
Source: European Commission
The 2012 World Bank Doing Business Report shows that
Ireland has one of the best regulatory environments
Start a
business
Investor
protection
Paying taxes
Total rank
Ireland
13
5
5
10
Germany
98
97
89
19
France
25
79
58
29
Portugal
26
46
78
30
Spain
133
97
48
44
Italy
77
65
134
87
Greece
135
155
83
100
Source: World Bank.
Ireland: why the outlook is bright
 Ireland has the capacity for export-led growth
 Firms have responded to the downturn by cutting costs
and improving productivity
 Ireland’s fundamental strengths remain…
 …the business environment is good…
 …and Irish firms are confident in their outlook…
 …which is why market confidence in Ireland is beginning to
return
Ireland can have an export-led recovery because net
exports make a substantial contribution to GDP
Exports - contribution to GDP growth in 2011
5.0
Percentage
4.0
3.0
2.0
1.0
0.0
-1.0
Ire
Ger
EA
Exports
Spa
Net exports
UK
Ita
Fra
Source: EU Commission
IBEC research shows that the vast majority of companies
expect to grow turnover in the next five years
Expectations of turnover in 2016
11%
9%
80%
Increase
Source: IBEC.
Decrease
Stay the Same
Employment still higher than a decade ago
Q4 2011 –First employment increase since Q4 2007
The base of indigenous companies is strong
 Half of the medical technology companies are Irish-owned
 There is a vibrant software sector exporting mainly to the
UK and the US.
 Ireland has a natural competitive advantage in the food
and drinks sector.
 Indigenous manufacturers are becoming increasingly
sophisticated.
 Thanks to competitive adjustment achieved to date,
Ireland is pricing itself back into international markets.
Key Sectors for the Future





Medical Devices
Pharmaceutical
Finance
Food & Drink
ICT
ICT - Industry Overview
 All of the top 10 technology companies are present in Ireland
 Current employment: 84,000+
 Employment growth: 6% in 2009; 4% in 2010
 Jobs announcements: 3,500 in 2010; over 4,000 in 2011
 2,700+ jobs announced to date in 2012
 5 of the top 10 exporters are technology companies
ICT
Medical Devices Sector
 11 of top 13 Med Tech Companies have base in Ireland
 200+ companies in Ireland (100 are irish owned)
 Employs over 25,000 people
 Irelands exports are €7.3 bn annually
 Ireland exports medical technology to 95 of the top 100
countries world wide
 Almost 60% of companies expect to increase their
employment numbers in 2012.
Medical Devices Sector
Pharmaceutical Industry
 8 of the top 10 companies are located here
 12 out of the top 25 selling drugs are produced in
Ireland
 Exports €50.8 billion in 2010
 Employment in the sector has grown from 5,200 in 1988
to over 25,000 in 2010.
Pharmaceutical Industry
Food and Drink Industry
 46,000 direct and 60,000 indirect
employees – 7.5% total employment
 120,000 farmers output (€6.2 bn)
 Exports in 2011 €9.0 bn
Food and Drink Industry
Financial Services Sector
 Growth in international industry offsetting smaller
domestic institutions
 Targeting growth of 10,000 employees over next
5 years
 Leading position across sectors
 Building profile and capacity in new areas
Financial Services Sector
Skill Requirements
 All occupations are becoming more knowledge based
 Education, training, and skills development is crucial for
the future of the Irish economy and society
The population is among the best educated in the world
% with tertiary education in 2009
(age 25-34)
50
40
30
20
10
0
Ireland
Source: OECD.
Finland
France Germany Sweden
UK
US
OECD
average
Changing Skills Requirements
There is likely to be demand for an:
• Increasing Breadth of Knowledge
• Rising Qualification and Technical Skill Requirements
• Importance of Continuing Learning
• Interpersonal Skills
• Innovation / Creativity
Specific Skills
S.T.E.M.
Science / Technology
Engineering
Mathematics
Languages
The business community’s ambition for Ireland
Ireland today
Our ambition for Ireland
Growth of double EU average
Top 20 for prosperity of EU’s 230 regions
Top 5 OECD Better Life countries
Our ambition for Ireland
Export share of indigenous companies
2 million people working by 2020
Balanced economic growth
Our ambition for Ireland
Best country in the world to do business
Why we believe
We have form
We have the capacity
There are no limits
How we can
Keeping Ireland strong in Europe
Restoring domestic demand
Supporting job creation
Delivering world-class public services
Challenges
Global
economy
Debt burden
Ourselves
What if we don’t?
Prosperity Stagnation
Growth
Austerity
PossibilityMissed Opportunity
Lost Generation
Success is….
#ibecdir
www.ibec.ie/recovery
twitter: @ibec_econ
linkedin: http://www.linkedin.com/groups/Drivingirelandsrecovery
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The business community’s ambition for Ireland
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