The Irish Maritime Transport Economist Volume 6

Abstract

The Irish Maritime Development Office (IMDO) of the Marine Institute publishes the Irish Maritime Transport Economist each year to provide a descriptive statistical analysis of the Irish ports and shipping services sector, as well as the many factors influencing its performance. The year 2008 will be remembered, amongst other things, as the year when Ireland’s longest period of economic expansion came to an abrupt end. Many of Ireland’s economic risks appeared to realise at the same time. The cooling domestic market converged with a meltdown in global economies triggered by a systemic collapse of the international financial and banking sectors. In essence, the perfect economic storm, which had been looming off shore since 2007 eventually hit our shores last year, however, very few had predicted the force when it finally arrived. The signs of a slowdown in the Irish economy started to appear in 2006 when domestic investment declined before turning negative in 2007 and any chance of a “soft landing” for the Irish economy dissipated quickly by the middle of 2008. This year’s publication illustrates the sharp correction in activity in the real economy and the corresponding reversal in shipping volume growth throughput at our ports.