The Irish economy grew by more than 26pc in 2015
by Peter Spence
Ireland’s economy grew by a “very dramatic” 26pc last year, boosted by one-off corporate tax inversions and aircraft purchases, according to official statistics.
The Irish Central Statistics Office (CSO) had previously estimated that gross domestic product (GDP) rose by 7.8pc in 2015, but revised up the figures after receiving “more complete and up-to-date data” for the end of the year.
[…] An increase in aircraft imports for international leasing and the reclassifications of corporate balance sheets through tax inversions into Ireland were among the reasons for the GDP figures more than tripling to the fastest pace of growth on record.
Michael Connolly, a CSO statistician, said: “What happens here is that an entire balance sheet of a company relocating to Ireland, from somewhere else, is included in our capital stocks or our international investment position.