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Underlying economy above EA avereage MNCs add real substance to IE economy as wage bill filters out to domestic sectors Ireland's income = wages (all sectors) + domestic sectors profits + tax on MNC profits Ireland, on an underlying basis, growing faster than euro area average in recent years (2008 = 100) 300 250 200 150 Compensation 100 MNC Gross of Employees 50 Operating 28% 0 Surplus (Profits) Domestic 50% Gross Operating Surplus (Profits) 22% 1995 1997 1999 2001 I Compensation of Employee Real GVA EA19 MNC Sector Profits 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Domestic Sector Profits Real GVA ex. MNC Profits Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: CSO, NTMA calculations (Nominal 2021 data used in left chart) Ireland's GVA data has been adjusted to strip out the distortionary effects of some of the multinational activity that occurs in Ireland. Specifically a profit proxy is estimated for the sectors in which MNCs dominate. 57

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