The Irish economy is losing €2.3bn every year because of the illegal trading of goods including alcohol, stated business consulting firm Grant Thornton in its report titled ‘Illicit Trade 2015-2016: Implications for the Irish economy’.

While the government loses around €788m in tax revenues every year, retailers as well as intellectual property holders lose around €1.5bn.

From 2010 to 2014, alcohol seizure rates have increased by 100%.

" The level of illicit activity reported in Ireland is quite remarkable."

The report estimates that implementation of a minimum unit pricing (MUP) policy may also bolster illicit trade of alcohol.

Last December, the government gave approval to a new law to deal with the misuse of alcohol.

Grant Thornton partner Brendan Foster was quoted by the Spirits Business as saying: "The level of illicit activity reported in Ireland is quite remarkable.

"While we welcome the increased efforts to improve legislation and enforcement activity over the past few years, it is vital that all sectors impacted continue to invest in public awareness campaigns to remind consumers that illicit activity is far from being a victimless crime."

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The report also analysed other illicit trade of goods, including fuel, tobacco, and pharmaceuticals.