DUBLIN — Ireland’s gross domestic product (GDP) grew by an estimated 3.4 per cent last year, according to the Central Statistics Office (CSO), an expansion driven by foreign business and exports but coming as domestic output shrank. “Multinational sector growth was 18.2 per cent in 2020 while non-MNE [multinational enterprise]-dominated sectors declined by 9.5 per cent,” the CSO said on Friday. Ireland reported a record 160.8 billion euros (198 billion dollars) in goods exports last year, but businesses geared towards the small domestic market “experienced significantly lower levels of economic activity,” according to the CSO’s Jennifer Banim, with hotels, restaurants and construction hit hard as personal spending fell by 9 per cent. US multinationals in sectors that have enjoyed surging global demand during the pandemic, including pharmaceuticals and big tech, have European headquarters in Ireland – drawn by low taxes and EU membership. Amazon and Microsoft were among the American corporate giants to announce expansions in Ireland last year. According to Finance Minister Pascal Donohoe, “the pharma and ICT sectors recorded extraordinary export growth, driven by blockbuster immunological drugs, Covid related products, and the shift to home-working.”
DUBLIN — Ireland’s gross domestic product (GDP) grew 11.1 per cent during the third quarter, according to official estimates published Friday, suggesting the country’s economy saw some temporary respite between two separate lockdown periods. Jennifer Banim of the Central Statistics Office (CSO) said the “easing of Covid-19 related restrictions led to growth across almost all sectors of the economy in quarter 3.” The CSO data show Ireland’s economy rebounding after GDP contracted by around 6 per cent during the second quarter, which coincided with the country’s first coronavirus lockdown. Restaurants and pubs that serve meals reopened on Friday, after the end of a six-week second lockdown. Non-essential retail reopened earlier this week. Ireland’s daily coronavirus case numbers, which topped the 1,200-mark in October, had dropped to below 200 by Thursday. The second pandemic wave was far less deadly than the first, according to official data released Friday. The average mortality rate in November was eight people per 1,000 confirmed cases, down from a peak of 74 per 1,000 in April, the CSO reported. Hospitalisations were 58 per 1000 cases in November, down from 192 in March.