Accountancy sector generates €12.9bn

Nov 29, 2018

A new report  released by the leading accountancy bodies in Great Britain and Ireland shows that the accountancy profession in the Republic of Ireland contributed over €12.9 billion to Ireland’s GDP in 2017, equivalent to 4.4% of the total Irish economy, and only a little smaller than the economic contribution of the country’s real estate sector (€14.5 billion).

The report, the first to quantify the contribution of the profession to the Irish economy, was produced by UK consultants Oxford Economics on behalf of CCAB (the Consultative Committee of Accountancy Bodies). It shows that one-quarter of the €12.9 billion contribution (€3.2 billion) was generated by the accounting industry itself, with the remainder––around €9.7 billion––made up of the value provided by in-house accountants within other Irish industries.

61,200 jobs

The report also shows that the accountancy profession in Ireland supported 61,200 jobs in 2017.  This is made up of around 37,900 people who were employed as in-house accountants across the Irish economy, along with 23,300 individuals were employed in the accounting, bookkeeping, and audit sector in Ireland.

Accounting activities and supporting services directly contributed to €1.4 billion in tax revenue for Ireland in 2017. The clear majority of this figure, around €1.2 billion, was made up of “labour taxes” (encompassing Income Tax, PRSI, and USC), with the remainder representing taxes on the sales, profits, and purchases of Irish accounting firms.

 ENDS

Reference:  Bryan Rankin, Marketing Manager, Chartered Accountants Ireland, M: 087 2047905

Notes to editors:

 1. The CCAB’s report demonstrates the value of accountants to both the Irish and UK economies in terms of commerce, number of members, number of accountancy firms, GDP contribution, employment, tax revenues and purchase and export of accounting services. The report concludes that the accountancy profession plays a critical role in delivering important professional services to all sectors of the economy.  The combined membership of the five CCAB bodies – ICAEW, ACCA, ICAS, CIPFA and Chartered Accountants Ireland – amounts to some 275,000 professional accountants in the UK and the Republic of Ireland (415,000 worldwide).

Read the CCAB economic report in full here

2. As an all-island representative body, Chartered Accountants Ireland has been to the fore in advising businesses and commenting in the public interest on matters Brexit since the referendum was announced in February 2016. A series of publications, research projects and briefing events have been already provided to members, including ‘Taking The Lead’ a guide to Brexit for Chartered Accountants which was produced in association with the Institute of Chartered Accountants in England and Wales.

3. The Institute, which is constituted as an all-island body, represents 27,000 members and 1,700 firms across the island.