Update of impact on sectors of Irish economy
While we discuss Brexit in sweeping generalities, economists and researchers must put numbers on things. The latest update from IGEES (Irish Government Economic and Evaluation Service) within the Department of Finance consists mainly of diagrammatic illustration of the likely impact of Brexit on specific sectors. In their own words, the researchers are interested in:
- Examining cross country sectoral trade exposures of sectors of the Irish economy and other EU member states to the United Kingdom (UK) in light of the UK’s decision to exit the European Union (EU).
- Computing the revealed comparative advantage (“RCA”) for a number of sectors in Ireland and the UK, and
- Extending the sectoral and RCA frameworks by computing a new metric to score cross country sectoral comparative proportional exposures to the UK (i.e. a new “CPE index”).
One summary diagram says it all: Food and live animals are in the firing line.