Central Bank chief urges Govt to use different methods to measure Irish economy

Central Bank chief urges Govt to use different methods to measure Irish economy

The head of the Central Bank says the Government needs to work on alternative ways for measuring the economy.

Philip Lane's warning comes after the Central Statistics Office measured the Irish economy as growing by 26% last year.

Although the CSO calculated the figure using European formulas, Governor Lane says the Government needs to work on local targets which are immune to statistical blips.

He has also urged the Government to consider a "prudent" budget, and to assume that some of the corporate tax spikes are temporary.

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