Monday 23 October 2017

Debt to GDP ratio falls as economy grows by 'meaningless' 26.3pc

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Colm Kelpie

Colm Kelpie

Ireland’s debt -to-Gross Domestic Product ratio dropped to 80pc at the end of March, from 97.1pc at the same period last year.

The dramatic fall was due to increased GDP. The Central Statistics Office said yesterday that Irish GDP rose by a massive 26.3pc last year. 

The statistics agency said the growth jump in the size of the economy was due to the activities of multinationals here, although there has been no change to employment.

Economists have dismissed the figure as “meaningless”, claiming it is overinflated by the activities of Ireland’s base of large foreign firms.

But it does, as it has been revealed today, have an impact on our debt to GDP ratio.

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