Investor Presentaiton
Underlying economy was robust pre-Covid
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
Compensation
150
MNC Gross
of Employees
Operating
28%
100
Surplus
50
(Profits)
50%
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
Domestic
Gross
Operating
Surplus
(Profits)
22%
0
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
MNC Sector Profits
Compensation of Employee
Real GVA EA19
Source: CSO, NTMA calculations (Nominal 2021 data used in left chart)
Domestic Sector Profits
Real GVA ex. MNC Profits
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.
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