Tech job losses hits revenue

e number of jobs facing redundancy in the technology sector could be as high as 2,307, the Central Bank has said, as it warns the tax take is exposed to the fortunes of a handful of foreign rms.

e report was published before US tech giant Microsoft announced a further 60 layo s in Ireland.

e number of con rmed

Securing a long-term sustainable recovery in tourism was centre stage recently as hoteliers gathered in Killarney for the Irish Hotels Federation’s (IHF) 85th Annual Conference. Speaking at the opening of the conference , IHF President Denyse Campbell said that tourism had witnessed unprecedented upheavals in the past three years with a number of challenges still remaining.

“While we saw a welcome uplift in tourism activity during the last six months of 2022, signi cant uncertainty persists this year in relation to the global economy – particularly given the challenges we face around the cost of doing business, high levels of in ation, increasing interest rates and an ongoing cost-of-living crisis across key overseas markets,” she said.

A particular concern for hoteliers and the wider tourism industry was the outlook for bookings from Great Britain, given the very challenging economic environment this market was facing. Traditionally Ireland’s largest source of overseas visitors, Great Britain continued to face very signi cant economic headwinds, and this is having an impact on the outlook and levels of forward bookings.

According to recent industry research carried out by the IHF, 60% of hoteliers reported that forward bookings from Great Britain were still down on pre-Covid levels. e rest of Europe is also challenging while the prospects for North America are brighter this year. Despite lingering economic uncertainty, hoteliers remained focused on recovery layo s in Ireland is 1,474, or 0.9% of the current tech workforce, a Central Bank report has found. e higher number of layo s would amount to 1.4% of the tech sector or 6.2% of the numbers hired during the pandemic.

In a signed article ahead of its quarterly economic forecast, the Central Bank pointed to the outsized impact of the information and communications technology (ICT) sector on the Irish economy.

ICT rms make up 6.4p% of overall employment and generate 12% of all income taxes and 21.3% of corporation tax. Foreign rms make up 74% of the ICT sector’s wage bill, 97% of pro ts and around 60% of jobs — double and even triple foreign rms’ contribu-