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CSO figures should be taken with ‘a ton of salt’ – Doherty

12 July, 2016 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the 26.3% GDP growth figure in today’s CSO release should be taken with “a ton of salt”

Deputy Doherty said:

“I have been saying for some time that figures relating to Ireland’s economic growth need to be taken with a pinch of salt, but today’s growth figure of 26.3% for 2015 confirms that they need to be taken with a ton of salt. The 26.3% GDP growth figure is a nonsense statistic as a real measurement of economic growth in the country.

“As a method of measuring economic performance, it is irrelevant. It does not reflect any sort of reality as to how the economy is faring.

“Figures relating to Ireland’s economic growth in our national accounts are polluted with the activities of Multinational Companies and aircraft leasing companies, both of whose activities clearly do not always reflect actual economic activity.  

“These figures should be seen more than as a statistical blip; they should be seen as a warning. We now have an economy so intertwined in international tax and accounting stunts that they bring with them a serious risk. There is no reason to believe that just as, on paper, our GDP has shot up this time that the next reclassification, rule change or corporate decision won’t see GDP drop equally dramatically.

“We need a new way of analysing economic growth in this State which reflects reality of the 21st century open economy in a small state.

“I will be quizzing Minister Noonan about what this means for the fiscal space and the coming budgets over the next number of years.” 

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