Bio-Economy Input-Output Model – Estimating the Indirect Value of Ireland’s Ocean Economy
Bio-Economy Input-Output Model
The Bio-Economy is an important domestic sector for Ireland. It focuses on the economic activity attributable to the utilisation of our land and sea resources. Activity in the Bio-Economy is physically tied to domestic natural resources and consequently relies on a greater proportion of domestically sourced inputs in contrast with more mobile sectors of the economy. This is an important factor when estimating the indirect contribution that the Bio-Economy makes to the wider economy. Specifically in relation to the Marine Sector, Ireland’s oceans and the economic activity it supports have been viewed as an underexploited resource with vast potential for expansion. The Bio-Economy Input-Output Model developed by SEMRU, in collaboration with Teagasc, provides a framework under which the total impact of an expansion in the Ocean Economy can be estimated. From a public policy perspective, an understanding of both direct and indirect impacts is essential for efficient decision making given limited resources.
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Contact
Dr. Eoin Grealis, SEMRU, NUI Galway Email: eoin.grealis@nuigalway.ie