Latest figures on Irish economy labelled 'leprechaun economics'

Latest figures on Irish economy labelled 'leprechaun economics'

Enda Kenny has admitted official figures for the Irish economy are inaccurate.

As experts lined up to dismiss a claimed 26% spurt in the economy last year, the Taoiseach said the numbers can be exaggerated.

"They don't reflect accurately what is happening in the Irish economy," he told the Dáil.

But he said the latest Central Statistics Office figures were unprecedented and down to a number of "exceptional" factors during 2015.

Critics say a better system for gauging the economy is needed to allow the government to best plan how it spends public money and imposes taxes.

Nobel prize-winning economist Paul Krugman has branded the latest official Irish figures as "leprechaun economics".

Concerns have also been raised about Ireland's international reputation regarding widely-derided official figures.

Fianna Fáil leader Micheal Martin said the official economic growth rate does not reflect what is happening to real people around the country.

"Nobody believes the figures," he said.

The "absolutely farcical" nature of the figures are also "damaging Ireland's international reputation", Mr Martin told the Dáil.

Citing comparisons to Soviet Russia and China, Mr Martin called for a new system to be devised that better reflected what is actually happening in the country.

Mr Kenny said the relocation of multinationals to Ireland, aircraft leasing and developments in the manufacturing sector last year skewed the latest figures.

But he insisted a growth in jobs, rising consumer spending and taxes "confirm a strong recovery rooted in the domestic economy here in Ireland".

More in this Section

'In a nutshell': Credit Unions impacted by Covid-19 call for state support as loan demand drys up'In a nutshell': Credit Unions impacted by Covid-19 call for state support as loan demand drys up

Renault announces 15,000 job cuts worldwideRenault announces 15,000 job cuts worldwide

Inform Nutrition gears up to drive global salesInform Nutrition gears up to drive global sales

Office Master: Tips for working from homeOffice Master: Tips for working from home


One word: iconic.90s celebrity power couples who were serious style goals back in the day

Alanis Morissette, celebrating 25 years since Jagged Litle Pill, talks to Ken Lexington on self-medication, love addiction, anxiety, depression and anger as an important lifeforceFor Alanis Morrisette, anger is an energy

Another week, another fiendishly fun test of your arts and showbiz knowledge from Irish Examiner Arts Editor Des O'DriscollScene & Heard: Fun culture quiz

The story of how the Cork-based executive head chef faced her “demons” and turned around her life just before her 30th birthday.This is me: Trisha Lewis transforms her body and mindset

More From The Irish Examiner