Brendan Keenan: Mirage or not, we should be glad recession is over
Published 01/07/2010 | 05:00
IF this were the United States, they would be partying on Wall Street. The output of the economy grew by an impressive 2.7pc in the first three months of the year, according to yesterday's official figures.
The way the Americans measure it -- multiplying each quarter by four -- that would be called growth of 11pc.
But this is not the USA. Not only do we measure things differently, we do things differently. The output of goods and services -- known as gross domestic product (GDP) -- has a somewhat different meaning.