American-led investment driving up pay in Republic
Multi-nationals in the Republic employed 318,000 people in 2017 on wages averaging €50,000 (£45,000) - a third better than their domestic peers - as the role of foreign direct investment (FDI) in fuelling Irish fortunes keeps climbing, a new report has shown.
The Central Statistics Office (CSO) study, which analysed FDI growth from 2012 to 2017, found that investment by US-headquartered companies played a dominant role, surging by 188% over the period and injecting investment of €519.5bn (£462bn).
Bermuda-based companies contributed €38bn (£33.8bn), the UK €20.1bn (£17.9bn), Germany €11.9bn (£10.6bn), Spain €8.8bn (£7.8bn), France €8.3bn (£7.4bn), and Canada and the Netherlands both contributed €4.8bn (£4.3bn), it added.
Somewhat complicating that picture, the CSO found that multi-nationals based in Ireland itself represented the number two source for investment in 2017, at €92.5bn (£82.3bn).
That figure reflected corporate inversion activity over the period, when previously American and Bermudan companies switched their HQs to Ireland.
For 2017, the CSO study found the Republic performing leaps and bounds above most European peers in attracting foreign direct investment relative to gross domestic product.