Sir, – In relation to your July 13th article, "Central Bank concerned over growth rate", it may be useful to distinguish between the accurate recording of national accounts data by the Central Statistics Office and the task of economists to interpret that data. The CSO data is compiled in line with international standards and is correct. However, as the CSO stated, a number of factors, ranging from purchases of new aircraft by leasing firms to reclassification of balance sheets in the context of re-domiciling of multinational firms, have heavily impacted on the 2015 accounts.
From a macro-economic perspective, therefore, headline GDP growth figures present a misleading picture of the underlying performance of the Irish economy. Other indicators, such as underlying domestic demand and employment growth, may give a more accurate picture.
The Central Bank will present its updated analysis of the economic outlook in its regular quarterly briefing later this month. – Yours, etc,
NICOLA FAULKNER,
Media Relations Manager,
Central Bank of Ireland,
Dame Street,
Dublin 2.
Sir, – US economist Paul Krugman refers to our Central Statistics Office's figures for economic growth in 2015 as "leprechaun economics" ("How the world reacted to GDP figures", July 14th).
Does this mean that a Nobel Prize winner finds it difficult to believe we found 26 per cent at the end of a rainbow? – Yours, etc,
DERMOT O’ROURKE,
Lucan,
Co Dublin.
Sir, – I was delighted to learn that the Irish economy grew by a “dramatic” 26 per cent last year. This is a heartening bit of news for all of us who struggle to make ends meet, or cannot buy a house, or are actually homeless.
Now that we know the economy is 26 per cent richer, does this mean that soon everyone will have a house or flat to live in and will be able to make ends meet, for a change?
Or is this 26 per cent being distributed elsewhere? – Yours, etc,
MARY KAY SIMMONS,
Dublin 12.
Sir, – The Luas drivers’ pay claim of 53 per cent over five years seems modest in the light of the 26.3 per cent growth in the economy in 2015. – Yours, etc,
Dr JOHN DOHERTY,
Vienna.