The dominance of foreign owned large multinationals in the services sector is highlighted today in a new publication by the Central Statistics Office.

Using data from 2019, the CSO research shows that large companies dominated by foreign owned multinationals accounted for €140 billion, or 61%, of services exports.

The five largest exporters accounted for €108 billion, or 47%, of service exports.

The CSO said that large companies, which employ more than 250 people, accounted for €263 billion, or 78%, of service imports. The five largest companies accounted for €148 billion, or 44%, of service imports.

The biggest industry sector was ICT which accounted for €121 billion, or 53%, of service exports.

Manufacturing accounted for the biggest slice of imports at €152 billion, or 45%.

Foreign-owned multinationals accounted for 80% of service exports and 87% of service imports.

The CSO said that all trade in transport and travel services - €47 billion (20%) in exports and €44 billion (13%) in imports - was conducted by domestic firms.

All computer service exports, worth €119 billion, were from foreign-owned multinationals.