Tuesday, January 25, 2011

Irish Jobs and FDI

Irish jobs in the exporting FDI (foreign direct investment) sector are back to 1997 levels.

Every time Tesco opens a new shop, the United Nations' agency UNCTAD's data includes it as a ‘greenfield’ FDI investment, which of course it is but our surplus on food and drink trade with the UK is evaporating fast and as Ireland’s exports in the sector dipped 15% 2009, the UK posted a 6% rise.

It's good to have services export growth.

However, data from for example the aircraft leasing industry can distort the picture.

Goodbody estimated in 2007 that the aircraft leasing companies based in Ireland were managing a combined fleet of 1,600 across global markets.

Nearly 500 jobs are anticipated to be created over the next three years in the aircraft leasing industry in Ireland, according to the Irish Aviation Authority (IAA). In 2010, about 1,000 people were employed in the leasing industry and the authority predicted a growth of around 45% - - that may well be the usual bs from a state agency!

Avolon, the aircraft leasing group headquartered in Dublin, today announced an additional capital raising of US$465m, bringing the total value of funds raised since it was established in May 2010, to in excess of $2.5bn.

Irish Economy 2011: Rising Irish exports, the 'smart economy' and a jobless recovery

Foreign-owned firms accounted for 91% of Ireland's tradeable exports in 2009; Food & drink exports fell 15%