Ireland’s seafood economy achieved four per cent growth in GDP in 2024, reaching €1.24 billion, according to the latest Business of Seafood report from Bord Iascaigh Mhara (BIM).
The sector’s performance, detailed in the report published on May 20, reflects resilience amid global economic pressures, driven by a nine per cent rise in exports, a three per cent increase in domestic sales, and an 11 per cent uptick in landings at Irish ports.
BIM said key contributors to this growth included advancements in processing technology and record-high prices for mackerel, a staple of Ireland’s wild-caught species.
The sector, which employs 15,673 people, saw significant government investment of €416 million in 2023, bolstered by the Brexit Adjustment Reserve (BAR), which helped offset a 2.9 per cent decline that year due to Brexit-related quota reductions and trade disruptions.
The report also highlighted ongoing issues, including a 10 per cent drop in exports of key products like blue whiting and organic salmon, compounded by a cost-of-living crisis and high inflation.