The latest EU GDP figures are showing that the EU economy has shrank, all thanks to Ireland, with its latest GDP figures showing contraction of over 12%. In this video, we’re taking a look at the numbers and how Ireland might’ve single-handedly pulled the EU into a recession.
Irish GDP is largely driven by their status as a tax haven. American companies set up a company in Ireland in order to evade taxes through a loophole that exists between the two countries’ tax codes.
I wouldn’t be surprised if the 12% reduction in GDP is largely in that sector (Though admittedly I have not watched the video)
That wouldn’t be a huge issue for Ireland. The inflated GDP figures “deflating” doesn’t necessarily affect the real economy. GDP is just a metric and in the case of Ireland it is highly skewed.
That’s exactly it. Frontloading pharma to avoid tarriffs now bites back.