Brendan Keenan: As consumer spending dips exports must provide growth
WE were poorer than we should have been a couple of decades ago, and now we're not as rich as we thought we were.
That, at any rate, is one way of looking at things. Back then, an outside economist pointed out that there was room for consumer-driven growth in Ireland, because of the large balance of payments surplus with the rest of the world.
We could use that 5pc of GDP surplus to import more consumer goods, he said, thereby improving our standard of living, and creating jobs along the way.