A new CSO release shows foreign-owned multinationals in Ireland employed 27% of the workforce in 2022 while generating an impressive 71.4% of total turnover in Ireland, highlighting their critical role in the country’s economy.
Despite making up just 3.2% of all businesses in Ireland, foreign multinationals generated a remarkable €920.6 billion in turnover, employing over 623,000 people here in 2022.
While foreign multinationals flourish in Ireland, Irish-owned multinational enterprises (MNEs) abroad saw a slight decline in turnover, down 1.6% to €258.8 billion in 2022. Despite this, Irish MNEs employed an impressive 1.36 million people worldwide, with the largest employment concentrations in Asia (515,000) and the Americas (451,000).
Commenting on the data, Kate English, Deloitte’s Economist, said: “The latest CSO data reaffirms that foreign direct investment (FDI) is a crucial driver of Ireland’s economic growth, particularly from the US and the UK. With foreign-owned multinationals accounting for 27% of employment and 71% of turnover and GV (Gross Value Added), it’s clear that maintaining and attracting new FDI is essential. However, as global competition intensifies with shifting trade policies and tariffs, as highlighted by the IMF’s Global Economic Outlook, we need to focus on making the right strategic investments here in Ireland. While we can’t control the policies of other nations, we must ensure Ireland continues to remain an attractive and competitive destination for FDI, as well as redoubling efforts to support Domestic Direct Investment.”
