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The Role of the ICT Services Sector in the Irish Economy

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  • Conefrey, Thomas

    (Central Bank of Ireland)

  • Keenan, Enda

    (Central Bank of Ireland)

  • O'Grady, Michael

    (Central Bank of Ireland)

  • Staunton, David

    (Central Bank of Ireland)

Abstract

The ICT services sector has expanded rapidly in Ireland with employment almost doubling since 2010. From mid-2022, the sector globally has experienced a correction with announcements of significant job losses, raising concerns over the impact on Ireland. Against this background, this Article describes the contribution of the ICT sector to economic activity, employment and tax revenue in Ireland. The sector’s footprint is significant – accounting for 6.4 per cent of employment and one fifth of corporation tax revenue in 2021 – the latter a 10-fold increase in revenue on 2012. To date, the scale of the downturn affects a small proportion of overall ICT employment in Ireland. Nevertheless, the dependency of the sector on a small number of large firms illustrates the wider structural vulnerability of the Irish economy to firm or sectorspecific downturns.

Suggested Citation

  • Conefrey, Thomas & Keenan, Enda & O'Grady, Michael & Staunton, David, 2023. "The Role of the ICT Services Sector in the Irish Economy," Quarterly Bulletin Articles, Central Bank of Ireland, pages 86-105, March.
    • Handle: RePEc:cbi:qtbart:y:2023:m:03:p:86-105
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