The highly globalised “modern sector” of the Irish economy which includes the State’s big pharma and IT industries recorded a 21 per cent drop in output in the three months from December to February, when compared with the same period last year.
The latest figures coincided with a sharp 25 per cent drop-off in corporation tax receipts. Exchequer returns for March, published by the Department of Finance last week, showed corporate tax, now the Government’s second largest revenue source, generated €2.4 billion during the first three months of 2024.
Contract manufacturing occurs when a company outsources production to a third-party, which is typically based abroad. Apple typically increases production of iPhones via a third-party company in China.
Source: Financial Digest (financialdigest.net)
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