Foreign direct investment in Ireland rose €26 billion or about 2% to €1.284 trillion in 2022, according to the country’s the Central Statistics Office (CSO).

This was down from a growth rate of nearly 10% between 2020 and 2021.

Increased investment in equity and reinvested earnings of €72 billion was offset by decreases in other capital investment of €46 billion.

Irish investment abroad in 2022 declined by €190 billion to €1.125 trillion. Investment in Europe fell by €138 billion, while investment in the United States was up by €8 billion.

The services sector remained the largest sector for inward investment to Ireland in 2022, with €749 billion investment that amounted to 58% of total investment.

Faris Bader, Statistician in the International Accounts Division, said: “The growth in foreign direct investment in Ireland of €26bn to €1,284bn is largely attributed to increased investment from the US, which was offset by decreased investment from other countries.

“This increase in investment is seen almost entirely in the manufacturing sector, predominantly in pharmaceuticals, which grew by €31bn.

“A rise of €21bn in financial intermediation was offset by declines in investment in other services sectors.

“Meanwhile, Irish foreign direct investment abroad fell by €190bn to €1,125bn, with investment in Luxembourg and Asia down by €109bn and €43bn respectively.

“The decline in Irish foreign direct investment abroad is seen predominantly in the services sector.”