Wednesday 7 December 2016

Some genuinely good news on the economy

Published 31/07/2015 | 02:30

The economy has grown by more than 6pc in the first three months of the year, compared with the same period in 2014.
The economy has grown by more than 6pc in the first three months of the year, compared with the same period in 2014.

Failure to predict the bust has seen the stock of economists plummet but the dismal science has come up with a sunny outlook for Ireland's economy. It has grown by more than 6pc in the first three months of the year, compared with the same period in 2014.

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According to the CSO, the vital signs are robust, with gross domestic product (GDP) in the first quarter of 2015 accelerating by 6.5pc year-on-year while gross national product (GNP) advanced by 7.3pc. The omens are good. If we carry on as predicted, further growth is anticipated this year.

We should not get too carried away - as one of the greatest economists of all, John Kenneth Galbraith, cautioned: "economics is extremely useful as a form of employment for economists."

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