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  • Ireland's economy grew by nearly 8 percent in the first quarter of 2021, the country's statistics office said Friday, as multinational firms' revenues helped it continue to buck neighbours' pandemic downturns. Figures released by the Central Statistics Office showed gross domestic product (GDP) grew by 7.8 percent during the January through March period -- an increase of 97.4 billion euros ($118 billion). The surge was fuelled by a robust 5.8 percent growth in exports over the period, despite Ireland being gripped by a coronavirus lockdown at the time. Many multinational firms, particularly US technology and pharmaceutical outfits, have established bases in Ireland to capitalise on its attractively low corporation tax regime. However, their figures have a warping effect on the economic statistics of Ireland -- a nation of just five million people -- and the finance ministry consistently notes GDP is not an accurate yardstick of growth. Ireland made headlines in March when it registered a GDP jump of 3.4 percent in 2020 thanks to the multinationals, defying the global downturn caused by the pandemic. The CSO figures released Friday also showed Ireland was operating a trade surplus of more than 1.3 billion euros for goods with Britain in the first quarter of 2021. However merchandise imports from the UK dropped by 1.9 billion euros year-on-year, as Ireland's domestic economy was slowed by pandemic restrictions and new post-Brexit checks came into effect. Finance minister Paschal Donohoe said the GDP growth revealed Friday was "exceptionally strong". "This was driven by a relatively small number of sectors with, in some cases, the increased activity generating limited domestic employment," he added in a statement. The finance ministry said much of the growth was driven by "contract manufacturing". In this process, an overseas firm manufactures goods for an Irish incorporated company. When they are exported to a third nation they count as an Irish export despite having never been in the country. Donohoe said Ireland's vaccination programme and people's efforts during lockdowns had allowed the government to lift gradually many restrictions, which has already "supported economic recovery in the second quarter". The non-essential retail sector opened in mid-May after a four and a half month hiatus, while the hospitality sector is due to restart trading outdoors on Monday. Around 5,000 people have died from coronavirus in Ireland. jts/jj/rl
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  • Irish economy grows 7.8%, buoyed by multinationals
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