Ireland’s winning economic model comes with a risk that’s never really been tested, writes Eoin Burke-Kennedy
The agency also revised down its estimate of GDP for the final quarter of last year to -0.1 per cent, down from an original estimate of 0.3 per cent.
The flows and trends governing multinationals here are largely independent of the domestic economy. Most of the time, they flatter actual economic activity. This is a rare exception. That’s an understatement. In an era where intangible assets worth tens of billions of euro can be redomiciled at the stroke of pen, it’s become an increasingly ropey barometer.As measured by modified domestic demand , a better indicator of domestic activity, the economy expanded by 2.7 per cent on the back of greater personal spending on goods and services. Most domestic-focused sectors of the economy also recorded an increase in activity.
Whatever misgivings you might have about economic growth – the seemingly endless pursuit of it, the climate crisis it appears to be driving – or its much-maligned yardstick, GDP, it has transformed the labour market here, brought us to full employment and stemmed the tide of forced emigration.
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