While job losses in Irish tech sector have been relatively ‘small’ to date, economy remains sensitive to fortunes of specific firms
However, the concentrated nature of profits within the sector indicates “important risks to growth, employment and tax revenues” if a more severe or prolonged downturn was to materialise.
“This suggests that the capacity for the domestic part of the sector to absorb any loss of activity from foreign-owned firms may be reduced, should a more serious contraction in MNE-based ICT activity occur.” The ICT services sector accounts for 9.6 per cent of the economywide wage bill and just under one-quarter of corporation tax revenue, the Central Bank article says, with the pace of growth in the sector from 2018 to 2021 between two and three times higher than it was for the economy as a whole.
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