CSO head says new set of figures necessary in light of 'leprechaun economics' GDP numbers
THE head of the Central Statistics Office (CSO) has spoken about the recent controversy surrounding the publication of data that claimed the economy grew by an astonishing 26 per cent last year.
The figures were likened to "Leprechaun Economics" and led to claims Ireland was left open to ridicule internationally.
Pádraig Dalton, the CSO's Director General, said the figures were based on "hard data" and is "attributable to the globalisation activities of a small number of companies".
But he said the reporting of GDP and GNP figures do not on their own provide a "sufficient understanding" of the domestic economy and that a "broader suite of indicators" needs to be rolled out.
Speaking at the MacGill Summer School in Glenties, Mr Dalton said this is being examined by a group of experts who will report back later this year.
"The revisions published were based on hard data and attributable to the globalisation activities of a very small number of companies," Mr Dalton said.
"However, the CSO is bound by strict confidentiality rules and that created a significant communications challenge. This meant that we were limited in our ability to fully explain the revisions and we were obliged to suppress certain detail which, understandably, was an issue for many users," he added.