Horse racing sector worth €2.5billion per year to Irish economy, HRI claim
LET YOURSELF GO: The HRI report has made a robust defence of the industry. Picture: INPHO/Presseye/Russell Pritchard
Irish horse racing chiefs say the sector is worth almost €2.46billion per year to the country's economy.
The Horse Racing Ireland report, which was carried out by Deloitte and released on Thursday, also claims that some 30,350 jobs are supported by Irish racing.
The report comes as the horse racing industry faces scrutiny for the level of state funding it receives annually.
“Last year the industry was responsible for over €550m of foreign direct investment," Nicky Hartery, Chairman of HRI, said, "which points to the stability this industry offers to international investors.
“With the continued investment, expertise, and passion of Ireland’s racing sector, we aim to expand the global market for Irish thoroughbreds, create an even bigger domestic footprint to continue to deliver for the rural economy, and demonstrably lead the sector on key measures of equine welfare and sustainability.”
The report claims the breeding sector generated €819m in revenue last year, €264m was spent by owners in training and running their horses and
€193m was spent by racegoers on and off the course.
“The figures from the research carried out by Deloitte on behalf of HRI demonstrate the significance of racing and breeding to the rural economy and is testament to decades of consistent Government support," Suazanne Eade, HRI CEO said.
“Behind the significant economic impact and our global reputation is a hugely skilled workforce, dedicated to the horses in their care. Our industry supports in excess of 30,000 FTEs, 9,400 of those in the core industry, making their living as a direct or indirect result from the racing and breeding industry.
“We are acutely aware that racing and breeding is a very competitive and mobile industry. We will continue to work with Government and all stakeholders to maintain our competitive advantage and Ireland’s reputation as global leaders at breeding and training racehorses.”
