Report Details Anticipated Impact Of COVID-19 On Kerry Economy

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KERRY County Council has published a comprehensive assessment of the anticipated economic impact of the COVID-19 pandemic on County Kerry.

The analysis, compiled by an independent economist, James Dorgan, and with input from Kerry Tourism Industry Federation, IT Tralee, Kerry Chambers Network and the wider business sector in the county, identifies the challenges posed by the current public health emergency and will inform local actions and policies to achieve economic recovery locally in the months and years ahead.

Drawing on a wide range of economic, demographic and employment research, ‘The Economic Impact of COVID-19 on the Economy of County Kerry’ finds that the current crisis is having, and will continue to have, significant economic consequences in Kerry, particularly given its exposure in the tourism sector.

Drawing on existing and new research, the report finds that the impact will equate to a loss to the Kerry economy of €1billion in income in 2020, with approximately 40% of that loss of income being borne by the tourism industry. Other elements of the research include:

• Tourism and related industries will see a €400m (drop of 70% in income) impact this year, the equivalent of nearly 10% of total estimated Kerry household incomes

• Kerry has the highest relative dependence on tourism income per capita by county

• Of the estimated 69,000 people in the labour force in Kerry, the largest employment cohort is in the retail and wholesale trade followed by hotels and restaurants

• 93% of active enterprises in Kerry are micro-enterprises and employ less than 10 people

• 36% of ‘at work’ residents in Kerry were in receipt of the Government Pandemic Unemployment Payment in the middle of May 2020. When added to the numbers on the Wage Subsidy Scheme and the Live Register, this equates to two-thirds of ‘at work’ residents in the county

• An assessment of the likely impact in sectors including agriculture, retail, manufacturing and construction based on national and local projections

The research has been supplemented by surveys of businesses undertaken by Kerry County Council and the Kerry Tourism Industry Federation recently to gauge the expected impact across many economic sectors.

Among the findings were that half of businesses in the county are anticipating a decline of between 50% and 75% in their incomes over the next twelve months.

The report will shape the continuing discussion of a new Business Leaders and Interests Group in the county and Kerry County Council’s own Economic Recovery Team and will guide a series of actions and initiatives which will be rolled over the coming weeks and months.

One Comment

  1. Matty O'Leary says:

    Ireland now, has to act fast and act smart!

    Ireland should limit international travel to Ireland.

    The government should be promoting tourism on a national level and easing restrictions more sooner.

    If restrictions continue it should be on a regional basis, not on a nation wide basis after all Kerry is more or less free of infection a couple of weeks ago, it’s killing our economy at this stage!

    Maybe we should all just stay in lockdown until no one ever dies ever again!
    😉

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