independent

Wednesday 16 April 2014

Multinationals' success hid reality

The foreign-owned multinationals continued to thrive in Ireland while the economy collapsed, new figures from the CSO show.

The multinationals' success masked the full extent of the damage done to the domestic economy as it imploded four years ago.

The new series of figures, just released, shows that gross added value produced by multi-nationals expanded by 6.7pc between 2010 and 2011 while the same measure produced by mostly Irish-owned companies grew by just 0.2pc over the same period, resulting in an overall growth rate of 1.7pc.

GVA in the multinational sector was €34.9bn last year compared to €108bn in the traditional sector.

While the multinational sector accounts for a large percentage of economic output and more than half of all exports, it only employs around one in 10 workers.

The new data shows what many people have long suspected – that the fortunes of the multinational sector have hidden the extent of the problems elsewhere. The traditional sector was even harder hit than previous data suggests and is now back at 2004 levels.

Growth in the multinational sector jumped close to 14pc in 2009 while Irish companies saw their growth shrink almost 8pc.

Irish Independent

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