‘Leprechaun Economics’ – Ireland’s 26% Growth Spurt

Magical growth figures of 26% have left all and sundry in the financial world scratching their heads.  It looks like Central Bank’s magically printed fiat currency is finding it’s way through Ireland. One thing for sure is that there  are definitely no pots of gold involved!

Politicians ans economists are trying to dampen down expectations and are annoyed that this will draw attention to Ireland’s tax haven (like) status. No increased employment stats or tax receipts reflect this level of economic activity.

‘Economists say that while growth is strong, the official figure is dramatically overinflated – because it is driven primarily by the activities of Ireland’s multinational and aircraft-leasing sectors’.

The Fine Gael Minister for public expenditure and reform said “We have to see a growth like that as something that is exceptional,” (LOL!).

Fianna Fail who are part of a de facto coalition with Fine  Gael while pretending to be in opposition added that ‘ there were “whispers” of some large companies channelling large amounts of money into Ireland and questions must be asked about how the “sudden and unexpected spike” could happen “under the noses and the radar of the CSO and the Department of Finance”.

The colossal increase in GDP was due primarily to some very large foreign companies reinventing themselves as Irish companies to benefit from our low corporation tax rate, as well as purchases by aircraft-leasing firms based here.

There was also a massive jump in net exports, due largely to the fact that multinationals here contracted companies overseas to do work. But some have booked it through their operations in Ireland, even though no economic activity was taking place here.’

‘Leprechaun economics’ – Ireland’s 26pc growth spurt laughed off as ‘farcical’