The article does a pretty good job of explaining how they reached that figure. Massive financial manoeuvres involved in aircraft leasing industry. On a global level Ireland is the place for aircraft leasing.
GDP and GNP are similar for most countries but Ireland is a small open and agile economy with a huge presence of foreign multinationals. Profits of these companies are often declared in Ireland but repatriated back to their host countries. Hence the disparity between the two figures.
Ireland also entered a harsh recession from 2008 to 2014 so an element here is also simply making up for lost ground.
This comes at a time when Ireland is bracing itself for Brexit. Ireland is massive trading partner of the UK. Ireland buys a similar amount from the UK as France for example.
The strategy seems twofold - get the EU to empathise with Ireland so that the UK doesn't have to got though a hard exit and introduce a hard border. While also trying to rob all the companies looking to relocate to an EU location from London.
For me whats interesting so much value being added to the Irish economy with relatively little actually coming from construction. Something Ireland was little too dependant on.
GDP and GNP are similar for most countries but Ireland is a small open and agile economy with a huge presence of foreign multinationals. Profits of these companies are often declared in Ireland but repatriated back to their host countries. Hence the disparity between the two figures.
Ireland also entered a harsh recession from 2008 to 2014 so an element here is also simply making up for lost ground.
This comes at a time when Ireland is bracing itself for Brexit. Ireland is massive trading partner of the UK. Ireland buys a similar amount from the UK as France for example.
The strategy seems twofold - get the EU to empathise with Ireland so that the UK doesn't have to got though a hard exit and introduce a hard border. While also trying to rob all the companies looking to relocate to an EU location from London.
For me whats interesting so much value being added to the Irish economy with relatively little actually coming from construction. Something Ireland was little too dependant on.