Some genuinely good news on the economy
Published 31/07/2015 | 02:30
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.
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."
All the same, the GDP figures form the basis for key budgetary calculations. So the news that the pace of quarter-on-quarter economic growth on a GDP basis has picked up, is to be welcomed.
Given that we have come through a storm of austerity, a forecast which suggests the economy will expand this year by 4pc has to be seen as good news.