EY Economic Advisory Services

Key issues for business planners are market knowledge and future trends: how will population growth, changing age structure, rising incomes, technological advances and regulatory changes affect the market?

Almost every policy decision will have a market impact, and some can have profound impacts on the economy and society. Policy can also often have unforeseen effects, or affect other markets, and a sound understanding of micro-economic behaviour is essential for assessing these and taking mitigating action.

EY Economic Advisory has:

• a longstanding reputation for providing analysis and advice to business and policy-makers
• strong demographics and econometrics capabilities that allow testing of various scenarios.

Regional Demographic Model

Our Regional Demographic Model provides up-to-date national, regional and small scale population estimates and projections. Few areas of policy are unaffected by demographic issues, and every business needs detailed knowledge of its target market: the size and composition of the population and labour force, geographic breakdown and socio-economic characteristics – all are vitally important.

Regional Population Projection Model

Keeping up with the flow of information and interpreting its market impact requires a detailed understanding of the data, including its strengths and limitations. The EY Regional Population Projection Model generates population and household formation estimates and projections over the medium- and long-term up to 2036.

The business environment is becoming increasingly complex as both EU and national policies and regulations encroach more on day-to-day activities. Whatever the aims of public policy, it is essential that its full impacts are assessed and taken into account when deciding when and how governments intervene. EY has considerable experience helping government departments, agencies and businesses assess and quantify the impact of new policies and regulations, and advising on the development of new policies and regulations.

EY Economic Advisory can:

• analyse the potential socio-economic impacts of new policy measures or proposed legislation
• develop robust evidence for businesses and their representative organisations to influence the RIA process
• assess the accuracy and adequacy of the RIAs produced by government departments and agencies
• help government departments and agencies assess and quantify the impact of proposed legislation
• help prepare budget submissions
• develop evidence-based responses to consultations and policy papers by economic regulators and government departments
• provide advice and reports for legal and planning processes, and expert witness evidence.

The business environment is becoming more complex, necessitating increasing recourse to legal or quasi-legal processes, notably in the planning system. Challenging economic circumstances are also driving an increased recourse to the legal system.

Complex economic issues are often at the root of these disputes, including competition and market regulation, environmental impacts, business cases underpinning investments, compensation for lost earnings, judicial review and interpretation of legislation and court rulings.

We provide economic advice and expert witness services.

We offer a full suite of economic forecasting, scenario planning and modelling experience.

Our in-house team operates a macro and sectoral model of the all-island economy using established macro-economic models, which gives us the framework for incorporating forecasting and scenario modelling into client assignments.

We provide commentary and analysis on all aspects of the Irish economy, and our well-established Economic Eye service and Brexit Watch series will continue to provide insight on economic matters.

Linking with our global economics team we can incorporate CGE modelling and econometric analysis and bring global data and analysis through our Growing Beyond Borders research platform and data store.

Our unique offering of economic forecasting, business and policy experience complements our other economic service offerings and allows us to explore the long-term implications of business and policy decisions.

From its 2006 peak, representing almost one quarter of total economic output, construction has experienced the severest contraction in living memory, resulting in falling prices, business failures and substantial job losses, with effects felt throughout the supply chain.

Public sector investment is beset by fiscal constraints, and the private sector is likely to remain depressed for the foreseeable future. Substantial supply overhangs, along with a lack of confidence and finance, are combining to severely restrict activity.

• EY has the acknowledged experts on Ireland’s construction sector
• For the past decade we have produced the annual Construction Review & Outlook
• We are uniquely placed to provide help to public and private sector decision-makers

For further information please contact Shane MacSweeney

The creative and cultural sectors are vital components of the Irish economy, and EY regularly provides economic analysis on these sectors.

Our analysis is often used by policymakers to help them make decisions regarding the best allocation of limited funding, but can also be used as an input to public consultations and legislation review.

EY Economic Advisory offers:

• economic analysis on the creative and cultural sectors
• economic impact studies for cultural facilities and initiatives
• cost benefit analysis of cultural investments

For further information please contact John Lawlor

Developing cost-competitive energy supplies is a prerequisite for continued economic and social progress, but meeting this requirement is becoming ever more challenging for policy-makers and businesses. Rapid economic and demographic change, market restructuring, infrastructure deficits, import dependence, global warming, and environmental commitments all add to the complexity. Meanwhile, the prospects of higher prices, increased regulation and fiscal changes are facing suppliers and consumers throughout the sector.

EY Economic Advisory provides:

• analysis of primary energy requirements
• energy demand forecasts
• regulatory and fiscal impact studies
• socio-economic and environmental cost benefit analysis
• analysis of gas capacity and future gas demand
• responses to consultation/policy papers
• energy efficiency and renewable energy policy

For further information please contact Ian Venner

Increasing environmental regulation and taxes, while aimed at protecting the environment, generate considerable implications for the economy. These pressures are expected to intensify, with the main focus likely to be on global warming, alternative energy, water and waste, transport and agriculture. We are uniquely placed to influence public policy formation through robust, high quality economic arguments that address environmental issues and policy-makers' concerns.

EY Economic Advisory provides:

• cost benefit analysis and project appraisal
• economic impact studies 
• regulatory impact analysis
• expert witness
• budget submissions

For further information please contact Lorraine McCann

We have experience producing cost benefit analyses for the health sector in Ireland in compliance with Department of Finance and World Health Organisation guidelines, and experience in the economics of the healthcare sector, including health insurance and regulating the healthcare professions.

For further information please contact Justine McCarthy

House-building has been a major driver of the Irish economy over the last decade-and-a-half, with output reaching almost 90,000 units in 2006. However, this level was unsustainable, and the sector has since experienced an unprecedented contraction, exacerbated by wider recession and fiscal difficulties, and is characterised by supply overhang, credit restrictions, a collapse in consumer confidence and increased social housing lists.

There are now major challenges for policy-makers and businesses, as the economy restructures.

• We produce the annual Construction Review & Outlook for the Department of Environment, Heritage & Local Government
• We are a member of EUROCONSTRUCT®, an association of European experts in housing and construction markets

For further information please contact Cian O’Donavan

Land use planning is key to economic and societal well-being, but catering for society’s accommodation, infrastructure and amenity needs in a sustainable way represents a major challenge. Zoning, infrastructure and land use decisions need to be well grounded in economic realities: the medium-term sectoral economic outlook, regional demographic characteristics and international competitiveness issues need to be taken into account to ensure the viability of development.

EY Economic Advisory provides:

• socio-economic inputs to master planning
• economic impact analysis
• ex ante project appraisal
• mid-term review
• ex post-evaluation of regional policies and programmes

For further information please contact Shane MacSweeney

Economics can play an important role in the legal field and legislative drafting. This has been recognised in the US and continental Europe for many decades, and in Ireland its contribution is growing all the time. EY is at the forefront of this growth: we offer a suite of law and economic services tailored to clients’ needs and which include descriptive, analytical, and qualitative approaches.

• We provide economic insights that will add to the provision of legal advice in the areas of competition and medical law, and inward investment
• We have a strong law and economics client base across private and public sectors

For further information please contact Annette Hughes

Tourism is recognised as key to Ireland’s economic recovery. Having lost market share, the sector has successfully restored its competitiveness. Challenges and opportunities abound, as new markets open, and the range of competing destinations and tourist experiences increases.

The sector needs a combination of private and public investment and regulation to prosper. In particular, justifying public investment can be challenging, given the difficulty in matching benefits to particular infrastructure or policies.

For further information please contact Annette Hughes

EY has considerable experience of transport markets and has been engaged in a wide range of studies across all modes – rail, road, marine and air.

We have a long history in project and programme appraisal, including as part of feasibility studies at firm level, and national ex-post evaluations for the EU. We have considerable experience of modelling and demand forecasting, impact and transport policy analysis, including industry restructuring and reform and competition and regulation policy.

EY Economic Advisory has:

• been engaged in a wide range of studies across rail, road, marine and air modes
• a long history of project and programme appraisal and feasibility study
• experience of modelling and demand forecasting, impact analysis and transport policy analysis

For further information please contact Shane MacSweeney