Economy surges but GDP overstates growth

The economy is growing this year at the fastest pace since the Celtic Tiger era of 2000 as CSO figures yesterday detailed the broad-based strengths of the long-delayed economic upturn from the country’s crash.

But the question remains that if the economy is growing at over 7% this year, and is set to grow at a hefty rate again in 2016, why do many people not feel like they are part of an economy which is surging at the second fastest pace in Europe?

The answer is probably that the economy is doing very well, but not as well as the GDP figures suggest.