The last three months have seen much lower than expected Irish corporation tax receipts, which fell by a third, or €2.3 billion, on the corresponding three-month period last year.
Demand for these products has fallen off post-COVID, with high levels of inventories also being run-down.
It should also be remembered that 2021 and 2022 were record years for inflows on new foreign direct investment into Ireland and these flows remained strong in the opening half of 2023.
