Kenny cannot budge on tax rate
The IDA's end-of-year statement, which was published yesterday, should serve as a welcome antidote to the new year doom and gloom. The state body charged with attracting foreign investment to Ireland had its best year for a decade.
In 2011 IDA-supported companies created 13,000 new jobs, a 20pc increase on the 2010 total. Even when the inevitable job losses are deducted employment at IDA-supported companies grew by more than 6,000 to 146,000 last year. IDA-supported companies also indirectly support another 100,000 jobs elsewhere in the Irish economy. The IDA-supported companies generated €115bn of exports, almost 70pc of total Irish exports, in 2011.
The IDA calculates that multinationals spent at least €19bn in the Irish economy in 2011 of which almost €7bn went on wages with the remainder being spent on Irish goods and services. The multinationals are also major contributors to the Exchequer with over 70pc of the €3.5bn, almost €2.5bn, of the corporation tax collected in 2011 coming from IDA-supported companies.