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

L’énigme de la croissance du PIB irlandais en 2015: tentatives de réponse

Marie-Baïanne Khder (), Jérémi Montornès () and Nicolas Ragache ()
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Marie-Baïanne Khder: Direction Générale du Trésor
Jérémi Montornès: Centre de recherche de la Banque de France - Banque de France
Nicolas Ragache: Association française des entreprises privées

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Abstract: 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, cru- cially by clarifying the concept of economic ownership over production and intellectual property and then by facilitating its implementation

Keywords: globalization; multinationals; national accounts; mondialisation; multinationales; comptabilité nationale (search for similar items in EconPapers)
Date: 2020
Note: View the original document on HAL open archive server: https://insee.hal.science/hal-05290686v1
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Published in Economie et Statistique / Economics and Statistics, 2020, 517-518-519, pp.173 - 190. ⟨10.24187/ecostat.2020.517t.2026⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05290686

DOI: 10.24187/ecostat.2020.517t.2026

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