Multinationals by far the most signifcant drivers of growth

Figures from the CSO show output grew by 5.3% in sectors dominated by multinationals

Google offices on Barrow Street in Dublin docklands. Photograph: Cyril Byrne / THE IRISH TIMES

Google offices on Barrow Street in Dublin docklands. Photograph: Cyril Byrne / THE IRISH TIMES

 

Multinational companies were by far the most significant drivers of growth in the Irish economy during the second quarter of this year, figures from the Central Statistics Office (CSO) show.

The latest statistics show that on a seasonally adjusted basis, initial estimates indicate that Gross Value Added (GVA) in volume terms in multinational dominated sectors increased by 5.3 per cent for the period.

GVA is the measure of the value of goods and services produced in an area, industry or sector of an economy.

By contrast, GVA for the other sectors of the economy – those not dominated by multinationals –increased by 0.7 per cent over the same period.

In total, there was growth of 1.9 in terms of GVA during the quarter when all sectors are taken into account.

Real GVA for the total economy amounted to almost €80 billion in the quarter, with multinational dominated sectors representing almost 45 per cent of the total, as against 55 per cent for the other sectors.