This anomaly also explains the high rate of exports from Ireland, which went from 80 percent of GDP in 2007 to 101 percent of GDP in 2010, which is also held up as evidence of the boom after the bust. The revenue of multinationals operating out of Ireland is booked as an export of Irish services—even if there is no real economic activity going on. Given this, exports of services have grown five times faster than the export of goods.

Mark Blyth, Austerity, loc. 635