July 6, 2017

Ireland's seafood sector grew 7.4% in 2016

Ireland's seafood sector grew 7.4% in 2016, contributing €1.1 billion (US$1.25 billion) in gross domestic product (GDP) to the country's economy, according to Bord Iascaigh Mhara's (BIM) annual "Business of Seafood" report. BIM is Ireland's Seafood Development Agency.

The report, launched at the National Seafood Conference held in Radisson Blu Hotel in Galway on June 29, said 2016 saw domestic seafood sales reaching €380 million ($430.8 million) and an increase in private investment by seafood enterprises.

"As we gather in Galway ahead of SeaFest 2017 which is all about celebrating the marine, it is positive to be able to report further growth in the Irish seafood sector of over 7% to €1.1 billion in GDP", BIM CEO Jim O'Toole told the conference, which had for its theme "Winning in a Changing Environment'. SeaFest 2017, an annual maritime festival, was held on June 30-July 2.

"We have a valuable and sought after raw material that is in great demand on our key markets contributing €376 million in fish landings alone, €167 million in farmed fish and shellfish and employing 11,000 people in our coastal communities", he added.

O'Toole said the task facing the sector now is to build on this growth, add value and diversify to withstand current challenges including Brexit.

The conference, held in association with SeaFest, attracted over 200 delegates from fishing, processing, retail and aquaculture sectors.