Oireachtas Joint and Select Committees
Tuesday, 6 October 2015
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Macroeconomic Forecast for 2016: Department of Finance
Mr. John McCarthy:
I would point out that there is an important subtlety there in that during the bubble it was all concentrated in one sector whereas now it is much more balanced between the external sector and domestic demand, so it is a better composition of aggregate demand. Even though we are now at pre-crisis peaks, we are in a better space than we were back in 2007.