New data from the Central Bureau of Statistics (CSO) shows that the turnover of Irish multinationals abroad increased to almost € 256 billion in 2019, with the UK and the US accounting for almost 57 percent of the total.
Subsidiaries of Irish-based multinationals employ more than 1.1 million people, one third of whom are in the United States or the United Kingdom.
A company is considered to be owned by Ireland if more than 50 percent of the controlling interest is in the Republic.
The UK saw a 5% drop in Irish branch sales from 2018, to € 42.7 billion, while employment increased by 4% to almost 125,500.
The US showed improvement across the board, with employment growth of almost 13 percent, or 29,773, to just over 263,000, while business volume increased by 8 percent to almost 102 billion euros.
Irish branches in Germany, France and the Netherlands accounted for 10.6% of the turnover of Irish branches abroad, while the three countries also accounted for nearly 7% of the workforce of Irish multinationals abroad.
Germany and France were quite similar in terms of turnover, with 4.1 percent and 4 percent respectively, while the Netherlands accounted for 2.5 percent of turnover.
Italy and Canada saw the highest employment growth in Irish subsidiaries in Italy and Canada, with Italy showing an increase of 31.1 per cent between 2018 and 2019 and 23 per cent over the same period. Canada followed closely, with 26.2 percent growth in employment and 9.3 percent in revenue.
The Netherlands, Germany and China all showed a drop in employment in Irish subsidiaries, by 17.6%, 4.7% and 2.0% respectively.
Irish subsidiaries have 38,600 employees in China, over 34,300 in Germany and just over 16,500 in the Netherlands.