Monday, October 10, 2011

10/10/11: The Gathering

According to the latest CSO data, 6,037,100 foreign visitors came to Ireland in 2010 and in January-July 2011, there were 3,696,000 overseas visitors to Ireland. Of the above, in the same two periods, 935,500 visitors (2010) and 594,700 visitors (January-July 2011) from overseas to Ireland came from North America a rise of 13% on January-July figures for 2010.

In 2009 (the latest for which data is available via CSO), visitors from North America spent €620mln excluding international airfares during their trips to Ireland. The number of visitors in the same period from North America amounted to 980,000, implying per-person per visit spend of €632.65.

Given that since 2009 continued deflation in domestic economy has reduced the costs of travel to Ireland, suppose the number above applies in today's terms. Let us, therefore, assume that per-visit per-person spend for North American visitor to Ireland is somewhere around €650.00.

"Global Irish Forum" promised to increase these numbers by 325,000 additional visitors in 2013 or ca €211.25mln for the year 2013.

This means that the GIF promises to yield a whooping:

  • 5.38% increase in the total number of visitors on 2010;
  • 5.13% increase in the total number of visitors on projected number of visitors in 2011;
  • 34.74% increase in the total number of visitors from North America in 2010;
  • 31.88% increase in the total number of visitors from North America projected for 2011 based on January-July data
  • 5.45% increase in the total spending by visitors to Ireland on 2009 annual levels
Over the period during which GFI guests wined and dined in Dublin contemplating this dramatic economic stimulus, Irish state moved 3 days closer to repaying €737mln of yet another Anglo unsecured, un-guaranteed bonds to largely foreign investors. The cost of these bonds will be equivalent to repeating the achievements of The Gathering for 3 years, 5 months 26 days 9 hours and 36 minutes, not accounting for costs and inflation.

In the end of the GIF the delegates also agreed another substantial measure for boosting the Irish economy and improving Irish society - the Diaspora Awards, which will be carried out at the expense of the Irish taxpayers and will comprise annual gathering of the best and the brightest minds who have concocted the idea of The Gathering.

1 comment:

Anonymous said...

"The Gathering" had actually nothing to do with the Global Irish Economic Forum!

Mr Varadkar chose to get some handy PR by announcing the project there. It is an old Fianna-Fail / Failte Ireland idea initiated first in 2010. It was mentioned I recall by several Fianna Fail TD's in the election. It is nothing original.

Yet another example of the new government taking on board the old government's ideas!