Handful of multinationals behind 26.3% growth in GDP
Surprising growth figures affected by number of one-off factors in tech and aircraft leasing
Net exports during the quarter rose by 11.2 per cent while business investment declined 16.1 per cent.
A handful of multinational companies in the tech, pharma and aircraft leasing sectors were responsible for an extraordinary jump in Ireland’s headline rate of economic growth last year.
According to the Central Statistics Office (CSO), Irish gross domestic product (GDP) grew by a colossal 26.3 per cent in 2015 rather than the 7.8 per cent previously estimated in March. The reclassification related to a number of once-off factors, including the relocation of aircraft leasing assets, a spate of so-called corporate inversion deals and the transfer of international patents, all of which were widely recognised as not reflecting changes to the real economy.