Wednesday 28 June 2017

The miracle growth figures are just a balance sheet mirage - so beware

‘In my teaching of economics, one of the first areas I concentrate on is the inadequacy of GDP as a measure of anything, and its inherent shortcomings. This was highlighted clearly by yesterday’s extraordinary data release’
‘In my teaching of economics, one of the first areas I concentrate on is the inadequacy of GDP as a measure of anything, and its inherent shortcomings. This was highlighted clearly by yesterday’s extraordinary data release’

Jim Power

The Central Statistics Office (CSO) releases the Quarterly National Accounts at 11am, but provides a very useful embargoed briefing to journalists and economists 30 minutes earlier.

It is always interesting to observe the initial reaction from those attending the briefing to gauge the level of surprise - or otherwise - with what is reported.

Normally the reaction is pretty muted, as Irish national accounts typically do not throw up too many surprises, but yesterday was a different story entirely.

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