Ireland

In-depth country-focused analysis on Ireland's economic, political and operational risk environment, complemented by detailed sector insight

Ireland

Our comprehensive assessment of Ireland's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Ireland, as well as the latest industry developments that could impact Ireland's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Ireland before your competitors.

Country Risk

Ireland Country Risk

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Core Views

  • Ireland's economy will remain the fastest growing in the eurozone in 2015.

  • Systemic risks to Ireland's economy have been reduced by progress cutting the budget deficit, exiting the country's sovereign bailout, and attempts to cool the housing market.

  • Although private consumption will be the main driver of real GDP growth in 2015 and 2016, we expect growth to be increasingly broad-based based over the coming quarters.

  • Support for the ruling Fine Gael/Labour coalition will be boosted by Ireland's increasingly strong economic recovery, suggesting a growing chance of the coalition being re-elected in the next election by December 2016.

Key Risks To Outlook

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Ireland Industry Coverage (5)

Food & Drink

Ireland Food & Drink

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BMI View: Ireland's economy will remain the fastest growing in the eurozone in 2015. Domestic demand will become the main growth driver in the country, supported by falling unemployment, rising wages, and the collapse in global oil prices. The outlook for domestic demand is certainly improving in Ireland, which is reflected in our forecasts for private consumption to add an average of 1.4 percentage points to growth over 2015 and 2016. As growth starts to filter down, we expect robust food consumption growth in 2015 and over our forecast period to 2019.

Headline Industry Data (local currency)

  • Total food consumption growth year-on-year (y-o-y) in 2015: +2.9%; compound...

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Insurance

Ireland Insurance

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BMI View: A faster than expected economic recovery within Ireland is supporting growth in the insurance sector, with slow but steady growth expected in local currency terms throughout our forecast period through to 2019 based on rising rates of private financial consumption and increased demand for a broad range of insurance products. In US dollar terms, however, we expect to see a contract in market values in 2015 and 2016 following the depreciation of the euro against the dollar.

We expect private consumption to become the main driver of real GDP growth over 2015 and 2016, adding an average of 1.3 percentage points (pp) to growth in the Irish economy. Strong exports and steady investment from multinationals will continue translating into falling unemployment and rising wages. This...

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Medical Devices

Ireland Medical Devices

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BMI Industry View : Ireland represents a small, but advanced medical device market, which was valued at an estimated EUR 603.9mn (USD797.2mn) in 2013. In US dollar terms, the market contracted between 2008 and 2013, but returned to growth in 2013 and is forecast to grow at a CAGR of 2.2% in US dollars, to reach USD888.3mn in 2018. Ireland has a strong medical device manufacturing sector, and is an...

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Pharmaceuticals & Healthcare

Ireland Pharmaceuticals & Healthcare

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BMI View: In line with our long-standing view, merger and acquisition activity targeting Irish pharmaceutical firms has remained intense in H115, while this trend is expected to continue over a multi-quarter horizon against a backdrop of strong fundamentals and Ireland's government policies to attract foreign investment in the pharmaceutical sector. Recent acquisitive trends are illustrated by ongoing merger bids between Mylan, Perrigo and Teva, as well as Actavis' acquisition of Allergan, of which the outcome will likely reshape the global generic industry. Meanwhile, strong recovery of...

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Telecommunications

Ireland Telecommunications

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BMI View: Consolidation has affected the Irish mobile market, as the acquisition of O2 by 3 has created a new market leader on equal footing with Vodafone. Meteor, owned by eircom, lags behind, but it benefits from its position in the fixed market to be the first Irish operator offering quad-play services. Bundling is a core strategy in saturated markets as it lowers churn, and enables operators to eventually upsell new services to their customer base. eircom's investments into VDSL and FTTx also had an impact into the broadband market, with UPC improving its own speeds to compete, while alternative operators have had...

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