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Irish 2015 GDP growth upped to 26% on huge asset reclassification

Staff Writer | July 13, 2016
Ireland’s economy grew by 26.3 percent last year and not the 7.8 percent initially estimated.
Irreland factory
Ireland   An increase in the number of aircraft
This is after the level of capital assets included on the state’s balance sheet was revised dramatically, the Central Statistics Office said.

An increase in the number of aircraft imported into Ireland for international leasing and the reclassifications of entire balance sheets, for example through corporate inversions into Ireland, were among the main reasons, the CSO said.

Such “inversions” have increased in recent years, in which companies have sought to slash their tax bills by redomiciling overseas, with their core operations and management usually remaining in the original jurisdiction even as they claim a new tax home.