In October, the amount of corporation tax collected by the Exchequer was down approximately €1bn or 45% on last year. The amount in the year to date was a little less horrifying €435m or 2.7% down.
That was the third month in a row when the magic of windfall corporate tax receipts seemed to be vanishing.
Exports of some key pharmaceutical products were down. There were rumblings of falling computer chip orders from China affecting US firms.
So-called 'contract manufacturing' where goods made abroad for multinationals based here counted as Irish exports were now dubbed 'phantom exports' and cast a downward spook on our trade numbers.
The game was up, or so it seemed.
The corporate chickens were coming home to roost.
Scratch that.
At the end of November, corporation tax came in at a barnstorming €6.3bn. That was €1.3bn or 27% ahead of November last year.
In the year to date, corporation taxes are now ahead by €897m or 4.2%.
The context is 2020. Back then, just under €12bn was collected in corporation tax.
Last year, it totalled just over €22.6bn. This year it is forecast to reach €23.6bn. Based on last month's revival, it should come pretty close to that figure.
So, the amount of corporation tax has almost doubled in three years. It is mostly explained by something of a boom in certain pharmaceutical and computer service businesses located in Ireland during Covid.
The latest trade data shows there's not the same level of activity in the pharmaceutical sector, although the computer services sector is still thriving.
So, while the leap that brought in so much corporation tax may now be a more moderate stride, the public finances have been transformed.
It won't last forever, in all likelihood, but it does seem to be lasting a little while longer.
