David McNamara: Irish GDP reveals more about the global economy than Ireland

Overall, as has been the case for a number of years, the continued surge in tax revenues is more than compensating for spending growth

Crucially, the domestic economy remains solid.

The latest set of national accounts data for Ireland, released by the Central Statistics Office (CSO) last week, provides further evidence of the volatility of GDP growth on paper, masking more benign trends in the real economy. 

As ever, a small number of very large multinationals continue to drive the headline trends.