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The economy of the Republic of Ireland is a highly developed knowledge economy, focused on services in high-tech, life sciences, financial services and agribusiness, including agrifood. Ireland is an open economy (3rd on the Index of Economic Freedom ), [ 27 ] and ranks first for high-value foreign direct investment (FDI) flows. [ 28 ]
Historical GDP per capita development of Ireland and the UK. The economic history of the Republic of Ireland effectively began in 1922, when the then Irish Free State won independence from the United Kingdom. [2] The state was plagued by poverty and emigration until the 1960s when an upturn led to the reversal of long term population decline ...
In February 2017, Ireland's GDP became so distorted from the base erosion and profit shifting ("BEPS") tax planning tools of U.S. multinationals, that the Central Bank of Ireland replaced Irish GDP with a new metric, Irish Modified GNI (or "GNI*"). In 2017, Irish GDP was 162% of Irish Modified GNI.
Distortion of Ireland's GDP. Ireland's GDP is artificially inflated by the BEPS flows of Ireland's Multinational tax schemes. [4] In 2018, Eurostat found 25% of Ireland's 2010-14 GDP was BEPS flows (no taxable impact). [25] In Q1 2015, Apple restructured its Irish BEPS tools, which required Irish 2015 GDP to be restated by 34.4%.
The European Union bailout is expected to total another 100 billion euros-- fully two-thirds of Ireland's GDP. German banks alone are owed 114.7 billion euros by Ireland. German banks alone are ...
BEPS flows inflate the haven's GDP; proxies are GDP-per-capita (Ireland is 3rd), and deviation of GDP/GNI from 1 (Ireland is now 1st). [241] Hyper–profitability of foreign multinationals. Profit shifting inflates profitability in the tax haven; the proxy is the GAAP profits of foreign companies. [242]
FULL-TIME! Ireland 27-22 England. 18:45, Luke Baker. All over in Dublin. A tense first half saw England lead by five points at the break but Ireland blew them away in the second 40 and secure a ...
The GDP of each area of the UK varies tremendously, with London having 10 times the GDP of Northern Ireland in 2022; [2] while London and the South East of England made up over a third of the national GDP, Northern Ireland, Wales and the North East of England combined made up less than a sixth.