Business Irish

Friday 21 October 2016

Government urged to act on 'false figures' of 26pc economic growth in Dáil

Published 13/07/2016 | 12:39

Fianna Fáil leader Micheál Martin Picture: Arthur Carron
Fianna Fáil leader Micheál Martin Picture: Arthur Carron

REVELATIONS that the Irish economy grew by an astonishing 26pc are “false” – and damaging Ireland’s international reputation.

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That argument was strongly put by Fianna Fáil leader, Micheál Martin, in the Dáil when he challenged the Government to get the Central Statistics Office (CSO) to find a new way of measuring economic growth.

“Will you as Taoiseach ask the CSO to design a model to capture what is really happening in the Irish economy?” Mr Martin urged the Taoiseach.

Mr Kenny said the 2015 economic growth figures, released on Tuesday by the CSO, were “unprecedented” and based on the relocation of major companies to Ireland.

These included a major aircraft leasing firm and the Taoiseach also acknowledged that the relocations did not necessarily lead to a major growth in job creation.

Mr Martin countered that the issue was not just a temporary phenomenon.

“These figures are not just unprecedented – they are false figures,” Mr Martin told the Dáil.

The Fianna Fáil leader added that many in the international business world were looking at the Irish statistics “with ridicule and disbelief.”  In the past Ireland was among the countries looking in disbelief at China’s huge growth figures.

Mr Kenny said the real growth in the Irish economy can be measured in growing consumer spending. He said the growth forecast for Ireland was 3.5pc to 4pc.

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