Business in Ireland 2022 - Insights on Multinationals

The following section presents data on enterprises abroad that are controlled by Irish multinationals. An enterprise is deemed to be Irish-owned if more than 50% of its controlling interest is held by an Irish multinational. A multinational that moves its controlling operations to Ireland can be considered an Irish-owned enterprise.

Turnover in Irish multinationals abroad decreased by 1.6% in 2022

Turnover generated by Irish multinationals abroad decreased by 1.6% from €263.0 billion in 2021 to €258.8 billion in 2022. Enterprises in the United States (€93.4 billion) and the United Kingdom (€37.7 billion) combined accounted for more than half (51%) of total turnover in Irish multinationals abroad in 2022. Irish multinationals in the United States recorded an annual decrease in turnover of 3.7% when compared with 2021, while enterprises in the United Kingdom showed a 2.0% decline.

There were almost 1.36 million people employed in Irish multinationals abroad in 2022, with more than one-fifth (21.8%) of those based in the United States, an increase of 8.2% when compared with 2021. The second highest country for employment in Irish multinationals abroad in 2022 was in the United Kingdom at 7.2% which was down 16.1% when compared with 2021.

Irish multinationals in Germany and France each generated more than €12 billion in turnover

Irish multinationals in Germany and France generated turnover of more than €12 billion each in 2022, while Japan accounted for more than €8 billion.

Between 2021 and 2022, Irish-owned enterprises in Germany recorded a 3.1% decline in turnover, while France showed an annual increase of 19.9%.

Aside from the United States and the United Kingdom, some of the other countries with large annual growth in turnover among Irish-owned enterprises in 2022 were China (+26.9%), Brazil (+20.7%), and Italy (+19.2%). The countries with the largest annual decreases were recorded in Mexico (-29.2%), Poland (-18.8%), and Spain (-4.8%).

China and Mexico had highest growth of employment in Irish multinationals

Excluding the United States and the United Kingdom, a number of other countries also made significant contributions to employment in 2022. There were 55,000 people employed in Irish-owned enterprises in Mexico, followed by China (48,500), Germany (40,300), and Brazil (37,500).

Between 2021 and 2022, the countries with the greatest growth in employment were China (+26.6%), Mexico (+19.1%), Brazil (+14.7%), and Italy (+11.8%).

Asia had the highest number of people employed in Irish multinationals

In terms of employment in Irish multinationals abroad by continent in 2022, Asia had the largest share with 38.0% (515,837), followed by the Americas with 33.2% (451,458), and Europe (including the Russian Federation) with 26.8% (364,157). These continents accounted for 98.0% of the total number of people employed. The remaining 2.0% was accounted for by Oceania & Polar regions and Africa.

Wholesale and Retail Trade sector had highest turnover in Irish multinationals

Looking at detailed business sectors, Wholesale & Retail Trade accounted for the highest proportion of turnover (30.5%) in enterprises owned by Irish multinationals in 2022. Enterprises in the Professional, Scientific, & Technical activities sector generated 29.4% of turnover, followed by Manufacturing at 23.1%, while all other sectors combined were 17.0%.

In 2022, the Professional, Scientific & Technical activities sector was the dominant sector in terms of employment in Irish multinationals abroad at 63.3%. Manufacturing accounted for 19.3% of total employment in Irish multinationals abroad, while Wholesale & Retail Trade and Other sectors employed 13.2% and 4.1% respectively.