The key business events scheduled for this week
CSO figures expected to confirm unnerving dip in number of UK visitors
A striking statue at Rosses Point in Co Sligo: “Our ocean is a national asset and supports a diverse economy,” notes Dr Peter Heffernan, chief executive of the Marine Institute.
Indicators: UK mortgage approvals (May); German business climate, current conditions and expectations (June)
Indicators: UK consumer confidence (June), Bank of England financial stability report; US consumer confidence (June), federal manufacturing index (June); CSO overseas visitor statistics
Declining UK tourist numbers in the post-Brexit world of weaker sterling are perhaps unsurprising and, as negotiations begin on the UK’s departure from the EU, more of the same is anticipated on Tuesday when the CSO releases its latest batch of figures.
Those troublesome stats, this time covering March to May, will likely expand upon an unwelcome theme for the Irish tourism industry. While in no danger of disappearing, the unnerving dip in UK visitors is a cause for alarm.
First quarter results released recently showed that while North American visitors were up 13 per cent, and long haul by 16 per cent, While growing numbers from elsewhere are welcome, Niall Gibbons, chief executive of Tourism Ireland, concedes “the shine has been taken off” by the UK depletion.
Bolstered by its own market research, Tourism Ireland expects to see the number of British people coming here in decline for the entire year.
But, adds Gibbons, “the UK will always be our biggest market, there is no question about that. It accounts for about 40 per cent of our visitors and 30 per cent of spend. We have to see what shape things take after [Brexit]negotiations.”
Indicators: Irish retail sales (May); euro zone loan growth (May), money supply (May); US mortgage applications (June), home sales (May)
Results: Nike, DS Smith
Indicators: Irish GDP (Q1); Euro zone business confidence (June), services sentiment (June), consumer confidence (June), economic and industrial sentiment (June); UK house prices (June), consumer credit (May), net lending to individuals (May), mortgage lending and approvals (May); German consumer confidence (Jul), inflation (June); US GDP (Q1)
Meetings: Business Briefing: Socialising Design lecture on digital design culture in organisations (The Mill Enterprise Centre, Drogheda, Co Louth); Image Young Businesswomen’s Forum (Westbury Hotel, Dublin); Entrepreneurship Export Exchange (E3) Conference on international markets (Enterprise Ireland, Dublin 3)
Indicators: Euro zone inflation flash (June); UK GDP (Q1), business investment (Q1); German import prices (May), retail sales (May), unemployment (June); US personal income and spending (May)
Meetings: Our Ocean Wealth Summit on innovation for a sustainable marine economy (NUI Galway); Dublin Airport & DCU – Providing Major Economic and Employment Opportunities (Hilton Dublin Airport)
Given our island status, the potential for oceanic business opportunities is something we should take seriously.
Among them are representatives of the Maritime Alliance, PwC, Statoil, Bord Bia chief executive Tara McCarthy, and Fiona Monaghan who heads up Fáilte Ireland’s Wild Atlantic Way programme, possibly the single greatest innovation to make a business case for our strip of seaside.
“Our ocean is a national asset and supports a diverse economy,” notes Dr Peter Heffernan, chief executive of the Marine Institute, ahead of the event. “There are many success stories from businesses, from a range of sectors, about how they have responded to the opportunities provided by the ocean.”
Organisers are looking toward the success of US “blue tech” for insights. Greg Murphy, executive director of the Maritime Alliance will give a keynote speech while attendees will also hear from Terry Garcia, principal at Exploration Ventures and former chief science and exploration officer at National Geographic.
There will also be a focus on the Irish seafood sector, sustainability and economic development in coastal regions, and tourism, again championed by the Wild Atlantic Way.