Wednesday 7 December 2016

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

Jim Power

Published 13/07/2016 | 02:30

‘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’

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.

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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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