Foreign owned firms with operations in Ireland employed 623,128 people here in 2022 and accounted for €921 billion of total turnover.
Although they represented just 3.2% of total businesses here, they produced 71.4% of total turnover and employed 27% of workers.
US-owned enterprises made up the largest share, generating 74% of all turnover produced by foreign-owned multinationals and 53% of total turnover generated in the Irish business economy.
The impact of foreign owned multinationals here was particularly notable in the industry sector, the figures released by the Central Statistics Office also show.
There they made up 88% of turnover and just under half of employment despite comprising only 5% of enterprises in the sector.
Meanwhile, Irish businesses with operations abroad employed 1.36 million people in 2022, up 9.5% on the previous year.
Such firms had a turnover that year of €259 billion, down 1.6% on 2021.
Most of that occurred in the US, which made up 36% of the total turnover and 22% of the total employment of Irish firms abroad.
The UK had the next highest share, accounting for 15% of turnover and 7% of employment.
"Multinational enterprises play an important role in the economy of many countries worldwide," said Devin Zibulsky, Statistician in the Business Statistics Division at the CSO.
"Having a presence in multiple countries can benefit multinationals in several ways, including providing access to consumer markets and diverse workforces, while also increasing economic activity in the countries where they are located," he added.
"The data reaffirms that foreign direct investment (FDI) is a crucial driver of Ireland's economic growth, particularly from the US and the UK," said Kate English, Deloitte's economist.
"With foreign-owned multinationals accounting for 27% of employment and 71% of turnover and GV (Gross Value Added), it's clear that maintaining and attracting new FDI is essential," the economist said.
"However, as global competition intensifies with shifting trade policies and tariffs, as highlighted by the IMF’s Global Economic Outlook, we need to focus on making the right strategic investments here in Ireland," she said.
"While we can't control the policies of other nations, we must ensure Ireland continues to remain an attractive and competitive destination for FDI, as well as redoubling efforts to support Domestic Direct Investment," she added.
