Horse breeding and racing worth almost €2bn to Irish economy

A RECENT Deloitte report commissioned by Horse Racing Ireland indicates that the total direct and stimulated expenditure of the Irish breeding and racing industry is estimated at €1.84 billion in 2016, Minister Creed told the Joint Committee on Agriculture, Food and the Marine.

The report indicated, he said, the core industry comprises €914 million of this with secondary expenditure making up the remaining €927 million. In addition, an estimated 15,200 jobs are at the core of the racing and breeding industry or in directly related industries.

“The achievements of Irish-bred and Irish-trained horses abroad and the enduring influence of Irish-born jockeys and stable staff underscore Ireland’s global prominence,” he said. “The Irish equine breeding and racing industry is competitive at a global level despite other major racing nations having far larger populations and economies. The horse and greyhound racing fund has been pivotal in shaping the destiny of this dynamic industry.”

Minister Creed said it is noteworthy that the Irish thoroughbred breeding industry has developed from an essentially amateur cottage industry pre-1969 to a position in which Ireland now is one of the leading bloodstock producing nations in the world. The industry produces close to half of all thoroughbreds in Europe.

“We hold the distinguished position of being the third-highest producer of foals coupled with having the third-highest number of active brood mares in the world,” he said.

Government funding is crucial to maintain and build on our position as one of the world’s leading breeding and racing nations, he said.

“Government funding of this industry is an excellent opportunity to yield a high return for this investment leading to a flow of income right through the economy.

“Support for certain strategic industries is important for future economic growth and can provide widespread benefits for our society and our economy.”