Fishing boats on Ireland's coast. Photo by: Adobe Stock.
Fishing boats on Ireland's coast. Photo by: Adobe Stock.

Up to 4% of GDP has increased the value of the fishing economy in Ireland

The value of the Irish fishing economy in terms of GDP increased by 4% in 2022, reaching €1.3 billion. This data is related to higher consumption in the catering sector, in addition to higher prices domestically and in the main export markets.

The value of the Irish fishing economy in terms of GDP increased by 4% in 2022, reaching €1.3 billion according to the Bord Iascigh Mhara's Business of Seafood (BIM) report. This data is related to higher consumption in the catering sector, in addition to higher prices domestically and in the main export markets in the country.

This was shown in BIM, which reflects a 10% increase in government investment in the sector. This percentage is equivalent to 255 million euros (USD 279.95 million)

Minister for Agriculture, Food, and the Marine, Charlie McConalogue, explained that 2022 has been difficult year due to the war in Ukraine and what it has meant for markets. Rising energy costs, reduced quotas, and difficult trading conditions with the UK after Brexit are some of the features the Irish sector has faced.

However, the Irish sector has been able to deal with it, as explained by McConalogue. "The industry has once again shown its resilience to such shocks and continues to be a key socio-economic driver in coastal communities, employing more than 15,000 people. I recognize the pressure those working in the industry have faced in the last year. It is why I have delivered significant funding under the Brexit Adjustment Reserve to assist the sector."

Summary graph. By: Ireland's Seafood Development Agency.

Volumes vs. price and species

Volume did not rise, but prices did. Fish caught at sea rose the most, up 38%. In total, seafood products worth €507 million were landed in Irish harbors, 14% more than in 2021 in value terms.

The most sold species on the Irish market during the year were salmon (EUR 119 million) (USD 130.6 million) and cod (EUR 44 million) (USD 48.3 million). Organic salmon was the main species produced in the aquaculture sector with 13,500 tons worth 124 million euros (USD 136.1 million). In terms of species caught, Dublin Bay prawns were the most significant, with 6,200 tons worth 82 million euros (USD 90.02 million).

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