Multinational cash gives economy healthier glow
NEW data from the Central Statistics Office shows how dependent the economy is on big multinational companies for growth and keeping the budget afloat.
The “gross value added” by foreign multinationals last year was €127bn, up almost 14pc from 2017, while the remainder added just 3.9pc according to the measure, which calculates value generated in an economy by the production of goods and services.
However, the dynamics may play out through stronger-than-expected growth and more cash in finance minister Paschal Donohoe’s budget pot.
The Department of Finance is forecasting the economy will grow 3.9pc this year – the same rate as the value added of the slowest-growing section of the economy, the domestic one.
The forecasts show domestic demand accounting for 3pc points of growth and exports just 1pc.
The latest figures show exports have risen 10pc in the first half of this year and stand at almost €70bn versus €140bn for all of 2018.
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