The latest issue of the Dublin Economic Monitor has outlined the importance of Fingal’s Agri-Food sector to the regional and national economy.
The seventh issue of the Dublin Economic Monitor, which is a joint initiative of the four Dublin local authorities, was launched on Thursday morning at a special event in County Hall, Swords, hosted by Fingal County Council.
Speaking at the launch, Fingal County Council Chief Executive, Paul Reid said: “I welcome the publication of the latest Dublin Economic Monitor which continues to show quarterly improvement among the topline indicators. I am particularly pleased with the feature this quarter on Dublin’s Agri-Food sector where analysis shows that Dublin accounts for one fifth of the total economic contribution of agri-food nationally (including food manufacturing and processing). In terms of primary production, there are over 800 farms and approximately 118,000 hectares of land categorised under agricultural use, ensuring that Dublin continues to be a major contributor to national output.”
Pictured at last Thursday’s launch of the latest Dublin Economic Monitor in County Hall, Swords were l/r Austin Hughes, Chief Economist at KBC Bank Ireland, Fingal County Council’s Director of Economic Enterprise and Tourism Development, Ed Hearne, Deputy Mayor of Fingal Cllr Eithne Loftus, Ciara Morley, Economic Consultant at DKM Economic Consultants and Fingal County Council Chief Executive, Paul Reid.
Commenting further on the sector’s performance, Fingal County Council’s Director of Economic Enterprise and Tourism Development, Ed Hearne said: “The agriculture and food segments sustain over 8,000 jobs in the Dublin region but, crucially, these are very high value adding jobs. On average, each Agri-Food position in Dublin contributes over €178,000 to the national economy, compared to about €55,000 on average across all other regions. The high value nature of the jobs, mainly in food and beverages manufacturing firms, implies that the sector in Dublin is considerably more productive than the national average.”
Ciara Morley, Economic Consultant at DKM Economic Consultants, said: “The latest set of indicators presented in the Dublin Economic Monitor show that the Capital’s economy is performing well, though an increase in the unemployment rate in Q2 2016 coupled with ongoing issues in the housing market suggest there remains room for improvement.”
Austin Hughes, Chief Economist at KBC Bank Ireland, outlining the latest view on consumer sentiment said: “Current levels of sentiment suggest that a broadly positive view of consumer circumstances persists. Spending on services is rising much faster than spending on goods. The consumer is a little bit nervous than before and recovery will be two steps forward and one step back.”
Some of the key highlights of this quarter’s Dublin Economic Monitor are;
25,000 new jobs were created in the Dublin economy in the year to Q2 2016.
Dublin’s residential rents have risen sharply in the period.
Arrivals at Dublin Airport continued to increase at a rapid rate and reached a record high of almost 1.14m in May 2016.
Residential property prices rose by 3.8% year on year in July to stand at the highest level recorded since September 2009.
The seventh issue of the Dublin Economic Monitor is available to download from http://www.dublineconomy.ie/#latest