Irish GDP Growth in 2015: A Puzzle and Propositions for a Solution

Marie-Baïanne Khder, Jérémi Montornes and Nicolas Ragache

Economie et Statistique / Economics and Statistics, 2020, issue 517-518-519, 173-190

Abstract: [eng] In July 2016, the Irish statistical institute significantly revised GDP annual growth in 2015 from 7% to 26%. This revision does not correspond to a similar increase in employment nor in the accumulation of new physical capital, but to the relocation of preexisting intangible assets by multinationals to Ireland. This article provides a comprehensive depiction of the effects of these relocations on the Irish GDP and balance of payments in 2015. We question the need to change the accounting standards defining the macroeconomic aggregates and the framework for economic analysis. We conclude that an effort to adapt and revamp the standards of national accounts is thus necessary to achieve a consistent recording of multinationals' transactions, crucially by clarifying the concept of economic ownership over production and intellectual property and then by facilitating its implementation.

JEL-codes: E01 F20 F40 F62 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:nse:ecosta:ecostat_2020_517t_11

DOI: 10.24187/ecostat.2020.517t.2026

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