Lies, damned lies and GNP statistics

AS Gross National Product (GNP) growth snags and Gross Domestic Product (GDP) growth soars, economists differ on the real impact and import of the National Income and Expenditure Results for 2002.

Bank of Ireland chief economist Dan McLaughlin is inclined to consign to history the figures which show that GDP expanded by 6.9% in real terms and GNP by just 0.1%.

Mr McLaughlin believes that the Irish economy did not cease to grow in 2002, and points to the 2.7% increase in consumer spending, 4.7% unemployment, housing prices up by 12% and tax revenue up 9%.