American Chamber has excellent access to Irish and European public policy networks, opinion leaders and leading media commentators. Through participation in Working Groups and contributions to submissions for Government, the Chamber keeps Irish decision makers focussed on the factors contributing to the continued attractiveness of Ireland as a location for foreign direct investment. More about the Chamber

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July Trade & Investment Report

Key Economic Indicators

Economic News

Major US Investment Announcements

Recent Reports



Key Economic Indicators

Indicators

2009

2010

2011 (f)

2012 (f)

Broad Trend

Irish GDP Growth

-7.6%

-1.0%

0.5%

2.0%

US GDP Growth

-

2.7%

2.2%

3.1%

Irish GNP Growth

-10.7%

-2.1%

0.75%

1.75%

Irish Inflation (CPI)

-4.5%

-1%

2.5%

1.5%

US Inflation (CPI)

-

2.7%

2.2%

3.1%

Main ECB Interest Rates End of Year

1.0%

1.0%

-

2.25%

Irish Unemployment

11.8%

13.6%

14.5%

14%

Balance of Payments C/A

-€4.9b

-€0.1m

€1.7b 

€2.9b

Markit Eurozone Composite PMI

52.5

35.6

53.6

-

Source: ESRI Quarterly Commentary Spring 2011, unless stated

Arrow Direction indicates direction of trend;arrow colour indicates whether trends are perceived as positive (Green) or negative (red).

 (f) = forecast


Economic News

2000 Vacancies in US Companies in Ireland 
US Companies in Ireland are currently seeking over 2,000 people to fill vacant positions in their companies, the American Chamber of Commerce in Ireland's annual Workforce Activation Survey published at the annual Independence Day Business Lunch. The Survey is carried out each year to track employment trends among US companies in Ireland.  109 companies responded, and of those, some 90% are recruiting to fill current vacancies.

Speaking at the lunch Mr. Gerard Kilcommins, President of the Chamber and Vice President of Global Operations for Medtronic's Vascular businesses said that the survey pointed to the fact that the multinational sector in Ireland remains strong and continues to provide excellent employment opportunities for suitably qualified candidates.

However, Mr. Kilcommins cautioned "we need to ensure that any planned or proposed changes to Ireland's employment legislation do not impact on our reputation for flexibility in our labour force".
Full Story>>

US Investment in Ireland now $190bn 
The value of US foreign direct investment in Ireland now exceeds €190 billion, according to latest data released by the US Department of Commerce in Washington. The data, which relates to year-end 2010, also showed that Ireland still hosts more investment than Brazil, Russia, India and China combined. Ireland is now the home of 5% of all US FDI worldwide. The release came as Eurostat also revealed the inflow of FDI into Europe had increased in 2010 compared with 2009.

Sources: BEA & Eurostat

Indices show services rise while Manufacturing falls slightly 
Irish services activity continued to rise in June according to the seasonally adjusted Business Activity Index which rose to 52.4, from 50.5 in May. Panellists pointed to new products and services as the main drivers of the expansion. However activity in the manufacturing sector fell in June for the first time since September 2010, according to the latest NCB manufacturing Purchasing Managers' Index. The data shows the composite index fell to 49.8 from 51.8 in May, dipping below the 50 mark, signalling a slight contraction.

Sources: Irish Times & Finfacts
 
Ireland's Exports Remain Robust
 
On an unadjusted basis, the value of exports in April 2011 (€7,792m) was up 6% when compared with April 2010. Final figures for the first quarter show that exports increased by 9% to €23,346m with Exports of Medical and pharmaceutical products increased by 18%.

Source: CSO

Government Target 8k Cloud Computing Jobs
Minister for Jobs,Enterprise, and Innovation Richard Bruton T.D. has written to Government colleagues to establish a cross-Government implementation group on cloud computing. He announced the initiative in a keynote speech to a cloud computing conference organised in Dublin. The sole focus of the group will be to support the implementation of the ambitious Programme for Government commitment on cloud computing.

Source: DJEI

GDP Figures Show Improvement
Initial estimates for the first quarter of 2011 show an increase, on a seasonallyadjusted basis, of 1.3 per cent in GDP but a decline of 4.3 per cent in GNP compared with the previous quarter. In comparison with the corresponding quarter of 2010, GDP at constant prices was marginally up (+0.1%) while GNP was 0.9 per cent lower.

Source: CSO

More Cost Reductions Required
The National Competitiveness Council (NCC) has published its latest study on the Costs of Doing Business in Ireland 2011. The report finds that while there have been significant improvements in cost competitiveness over the last two years, further progress is required.  Even though prices in Ireland have fallen since 2008, the cost of a range of business inputs remain relatively expensive compared to other jurisdictions, including property costs, calls from landlines and legal fees.

Source Forfas

Minister to Amend Employment Regulations
The Minister for Jobs, Enterprise, & Innovation Richard Bruton TD has confirmed plans to reform labour laws in Ireland in the Autumn. The plans which follow the publication of the Duffy-Walsh Report, should address the multiplicty of labour regulations and frequent overlapping of industry bodies. With flexibility in the labour market a key attraction to Ireland for US Companies these moves are a welcome development.

Source: Irish Times


Major US Investment Announcements 

Dell Announces New Ireland Investments
Dell has announced that Dublin is the site for the company's first Cloud Research and Development (R&D) Centre, and the company's campus in Limerick as home to the first Dell Solution Centre built globally.  The Dell Solution Centre in Limerick was part of Dell's previously-announced plans to invest $1 billion globally in new technology solutions and services while the Dublin Cloud R&D Centre is a new announcement. These facilities are part of the company's investment strategy designed to help Dell customers worldwide innovate and drive business results through new solutions, services, and cloud-based delivery options.  Recruitment is currently underway at both sites for world class software engineers, IT architects, engineers and developers. It is expected that a total of 150 people will be recruited across both sites in the next two years.

Source: IDA Ireland

Alere Establish Services Centre in Galway 
Alere, a leading global healthcare company headquartered in Massachusetts, US is establishing its International Business Service Centre at the IDA Ireland Business & Technology Park, Parkmore East, Galway. Alere develops and manufactures products that provide diagnostics and health management solutions.

Source: IDA Ireland

BioMarin Pharma to acquire Pfizer's Plant
BioMarin Pharmaceutical Inc. has reached agreement with Pfizer to acquire its manufacturing facility in Shanbally, Cork. BioMarin, a California headquartered company, plans to create over 100 high quality jobs in the next 5 years. The company is investing $48.5 million to purchase the Shanbally plant, a 133,000 sq.ft. bulk biologics manufacturing facility. Biomarin focuses on the treatment of rare diseases and has a number of new product candidates in late stage development. 

Source: IDA Ireland

50 New Jobs from Mycroft in Waterford
Mycroft Inc., the global innovation leader in delivering IT identity and security solutions as a service, is establishing an Operations Centre in Waterford which will employ 50 people.  Mycroft Inc. provides identity management and security solutions to some of the largest financial services, healthcare and government organisations in the world.   To meet a growing demand for its IT products and services, the company is expanding its  EMEA footprint.  Activities to be carried out in the Waterford operation include the development of Mycroft's next generation of Cloud-based IT identity and security solutions, technical support and  R&D.

Source: IDA Ireland 

Symantec Create 60 Jobs
Symantec, the global leader in security, storage and systems management, is to establish a new team within its European Operations Centre in Dublin, creating 60 high quality jobs.  The new team will be focused on three specific areas relating to Symantec's Identity and Authentication offerings, part of Symantec's Authentication Services business. 

Source: IDA Ireland 

Aruba Networks Establishing in Cork
Aruba Networks is establishing its International Headquarters and Shared Services Centre, for all regions outside the Americas, in Cork.  The centre is expected to create as many as 40 jobs over four years.  The centre will have responsibility for shared services, supply chain management, inside sales and customer support.  Aruba Networks is a leading provider of next-generation network access solutions for the mobile enterprise.

Source: IDA Ireland

Teleflex Expand Manufacturing Capacity
Teleflex Medical OEM has announced that it intends to expand its manufacturing capability and create up to 80 new jobs. TML manufactures catheter and tubing devices to support large original equipment manufacturers in the medical technology sector. TML's expanded manufacturing capability will support existing and new clients. The company is experiencing growth from existing customers in addition to new business opportunities. The investment will be in the areas of new buildings, machinery and equipment and the 80 new jobs will be in addition to the 143 staff currently employed at the Limerick operation.

Source: IDA Ireland

BNY to Establish New Dublin Company
BNY Mellon, a global leader in investment management and investment servicing, that it is to establish a new company in Dublin, BNY Mellon Clearing International, with the creation of 50 new high quality jobs. BNY Mellon Clearing International will be an important addition to BNY Mellon's Irish operations which currently employ over 1,800 people. 



Recent Reports

Forfás Annual Report

National Competitiveness Council Annual Report