Economic recovery repeatedly overstated, warn Finance chiefs

Ireland’s economic recovery is still being repeatedly overstated because profits from multinational companies are being included despite the fact the money is immediately transferred to owners in other countries.

Senior Department of Finance officials issued the warning yesterday two years after the “leprechaun economics” controversy, saying that using GDP to check Ireland’s financial health is leading to entirely inaccurate results.

Speaking during an eight-hour cross-party Dáil Public Accounts Committee (PAC) meeting during which it was also revealed that Ireland’s debt levels amount to €40,000 per person, Department of Finance secretary general, Derek Moran, said GDP is not working for Ireland.