Economy Overview
Over the past decade Cork City’s economy has experienced strong economic growth, which is expected to continue over the coming years, but to which is degree is uncertain given the current global economic climate. Sustained economic growth is the most powerful instrument for reducing poverty and improving quality of life. Cork is the economic powerhouse of Irelands southern region which is one of Europe’s wealth iest regions in terms of GDP output. Cork’s economy is characterised by a strong multinational sector underpinned by a large entrepreneurial and SME sector. Home to over 190 multinational companies including Apple, Boston Scientific and Janssen, Cork has a diverse economic base with a strong concentration of activity in ICT, Life Sciences, International Services, Business Services, Education, Health, and Retail sectors and is the main service centre for the Southwest Region.
Economic Output
To understand the strength of Cork City’s economy a regional view must be taken, Cork is the largest population centre and economic driver of Irelands southwest region.
2020 CSO data showed that:
• The GDP of the southwest region was circa €90 billion. • GDP Per Capita of the southwest region was €129,282, 71% higher than the state average. GDP and GDP per capita are both key macroeconomic indicators used to measure economic performance. Simply put, the economy of the in 2020 the southwest region produced a total of €90 billion worth of goods and services and had a total output of €129,282 per person. These are some of the highest levels GDP and GVA in the European Union. These high levels of economic output are predominantly due to the large multinational base present in the region. Cork is home to over 90% of the multinational companies operating in the southwest region and for this reason, Cork City and County is directly responsible for the high levels of GDP and GVA.
Income
Another key macroeconomic indicator used to measure economic performance is disposable income. Disposable income is the amount of money people have to spend after all taxes have been paid.
In 2019 CSO figures showed that:
• In 2019 the disposable income per person in Cork city s tood at €22,421 which was the 4th highest level of disposable income in Ireland and was above the state average of €23,032. • Over the 2016-2019 period disposable income per person increased by a total of 17% and an average of 5.46% a year. The 17% increase over the 2016-2019 period is indicative of the strong economic growth Cork City and County has been experiencing and the high paying jobs on offer.
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