| Yearbook shows IFS maintaining its lead economy role in 2014 |
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The continued leading role of Ireland's international financial services industry in the country's economic development is reflected in a range of key indicators published by the Central Bank, the Central Statistics Office and the Revenue Commissioners. They show, for example, that by the end of 2014 the industry provided direct employment for over 40,000 people.
CSO figures show that IFS exports increased by just over 7 per cent last year to €27.7 billion, compared to 4.6 per cent growth in 2013. In 2014 these exports accounted for 7.6 per cent of last year's National Gross National Expenditure of €326.5 billion. Thus, the IFS contribution to the economy remained stable proportionally in a year in which GNP advanced by a remarkable 5.2 per cent in volume terms.
Domiciled fund asset values grew by a dramatic 23.6 per cent in 2014 with the growth continuing at a rate of 6.2 per cent in January to surpass €1.7 trillion in January 2015 for the first time. Assets under administration in Ireland have been boosted by the launch of 234 new funds up to the end of December 2014, with continued growth in January bringing the total number of funds domiciled in Ireland to 5,848. |
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