A report by Oxford Economics reveals that the Irish accountancy profession made a substantial contribution of €19.8 billion to the Irish economy in 2022.
A recently published report by Oxford Economics for the Consultative Committee of Accountancy Bodies (CCAB) reveals that the Irish accountancy profession, encompassing both the accountancy sector and professionals working across various industries, made a substantial contribution of €19.8 billion to the Irish economy in 2022. This figure represents a significant 53% increase since the last report conducted in 2017.
The report outlines that the accountancy profession supported over 83,000 jobs in Ireland and generated €1.8 billion in tax revenues in 2022. In a broader context, the combined contribution of the profession in the UK and Ireland amounted to €114 billion in 2022, supporting nearly 1 million jobs and generating €13.7 billion in tax revenues.
Businesses in Ireland spent €3.4 billion on external accounting services in 2022, while the UK saw expenditures of almost £30 billion (£29.3 billion) in the same year. The IT sector emerged as the primary purchaser of accounting services in both markets. Despite the post-Brexit trading landscape, the UK exported £4 billion in accounting services in 2022, increasing its share of total UK service exports by 0.3% since 2016.
The findings underscore the vital role played by the accountancy profession in supporting businesses amidst challenges such as the Covid-19 pandemic, Brexit, geopolitical crises like the war in Ukraine, and the transition to a green economy and new technology.
CCAB Chair, Julia Penny, emphasized the report's significance, highlighting the profession's role in driving economic growth, navigating global challenges, and contributing to social mobility. Barry Doyle, Deputy President of Chartered Accountants Ireland, emphasized the profession's fundamental role in Ireland's economic prosperity, with over 83,000 individuals employed, impacting various sectors.
The report assesses both the economic and broader social impact of the profession in the UK and Ireland, providing quantitative analysis and case studies on diversity and inclusion, skills, and sustainability. Membership of CCAB bodies has grown by 14% in the last five years with over half a million students registered globally in 2022.
To delve into the comprehensive impact of the accountancy profession and CCAB's commitment to sustainable growth, you can read the full report.
