Ireland enjoys 26% GDP growth
13.07.2016,
11:47
The Irish economy grew 26% in 2015, Bloomberg reported Wednesday referring to the officials from Central Statistics Office of Ireland.
YEREVAN, July 13. /ARKA/. The Irish economy grew 26% in 2015, Bloomberg reported Wednesday referring to the officials from Central Statistics Office of Ireland.
Previously, they had estimated growth of 7.8 percent.
“I’m not going to stand up and say the economy grew by 26 percent,” Power, an independent economist, is quoted by Bloomberg as saying after the release. “It’s meaningless -- we would be laughing” if these numbers came out of China, he said.
The figure is mostly explained by the open nature of Ireland’s economy and its attraction to U.S. companies seeking access to a 12.5 percent tax rate. Among firms that have inverted to Ireland, mostly through acquisitions, are Perrigo Co. and Jazz Pharmaceuticals Plc. Corporations with assets overseas of 523 billion euros ($580 billion) were headquartered in Ireland in 2014, up from 391 billion euros in 2013, according to the statistics office.
“We are a very small economy, and if we get a big increase in assets, this is what happens,” Michael Connolly, an official at the CSO, said on Tuesday. Once explained the numbers are “believable,” he said. --0---
Previously, they had estimated growth of 7.8 percent.
“I’m not going to stand up and say the economy grew by 26 percent,” Power, an independent economist, is quoted by Bloomberg as saying after the release. “It’s meaningless -- we would be laughing” if these numbers came out of China, he said.
The figure is mostly explained by the open nature of Ireland’s economy and its attraction to U.S. companies seeking access to a 12.5 percent tax rate. Among firms that have inverted to Ireland, mostly through acquisitions, are Perrigo Co. and Jazz Pharmaceuticals Plc. Corporations with assets overseas of 523 billion euros ($580 billion) were headquartered in Ireland in 2014, up from 391 billion euros in 2013, according to the statistics office.
“We are a very small economy, and if we get a big increase in assets, this is what happens,” Michael Connolly, an official at the CSO, said on Tuesday. Once explained the numbers are “believable,” he said. --0---
