Data shows economy slowly beginning to lift

The interpretation of Irish economic data is difficult at the best of times, due to the very significant multinational presence in the economy, the various accounting techniques they utilise, and the manner in which they retain or repatriate profits back to the home country.

Single big transactions such as aircraft purchases can have a very substantial impact in a particular quarter and make the following quarter very weak by comparison if similar purchases do not occur.

It is particularly difficult to interpret growth statistics at the moment, because as well as the activities of the multinational sector and big aircraft purchasers like Michael O’Leary, some bits of the economy are showing some growth and others are still contracting.