Figures are from the 2008 Census of Industrial Production.
Total direct employment by foreign manufacturing companies in Ireland: 92,128.
This is about five per cent of total employment.
These figures are for manufacturing only. They do not include jobs in services.
The international and financial services and software export sector in 2008 employed around 58,000 people - and the majority of jobs in this sector are with foreign companies.
IDA-supported companies accounted for 136,000 jobs, or around seven per cent of total employment.
Foreign direct investment provides somewhere between seven and nine per cent of the jobs in this country.
With regard to multinationals and Ireland in general, in 2008 IDA-supported companies paid approx 3 billion euro in Corporation Tax, with sales of 109.64 billion.
In 2008, the direct economic impact of IDA-assisted companies was 19.149 billion euro. That includes, wages, services, and locally-sourced materials. That equates to about 10.5 per cent of GDP, or 12.3 per cent of GNP.
Now, foreign companies account for 78 per cent of merchandise exports, and around 96 per cent of service exports.
So, Ireland’s economic model is to have IDA-supported foreign companies which provide €2.8 billion in tax revenue, and €19.149 billion in wages and local service/produce purchases – which together equate to 12 per cent of GDP or 14.2 per cent of GNP.
We’re not borrowing to pay for social welfare, we’re borrowing to keep corporation tax from IDA-supported companies at 2.8 billion euro, and to have one of the most open economies in the world produce an export sector that’s worth around €22 billion to an economy which on paper in 2008 had a GDP of €181 billion and an GNP of €154 billion.
Michael Burke has a very interesting post over on progressive economy where he argues that Ireland needs to become a proper open economy – that is, one that trades actual goods and services – instead of what we have today: a glorified exercise in international accounting.