David Cullinane (Waterford, Sinn Fein) | Oireachtas source

Many people would see it as a bit more than a lot of explaining having to be done. There is disbelief internationally from many economists. Much of the international reporting of the growth figures is that they were more than just distorted, that they do not form the basis upon which decisions can be made. We know that the GDP figures have an impact on the application of the fiscal rules and the debt-to-GDP ratios, but in terms of borrowing, fund and asset managers hold 50% of Government debt and they must have confidence in the figures.

It is interesting that the language Mr. O’Kelly used is very similar to the language used by the CSO director general, Pádraig Dalton, at the Magill summer school. He said that GDP and GNP, although required internationally, no longer provide a sufficient understanding of the domestic economy. That is only because one could say the figures are distorted or not real and we are not being presented with the real figures. Surely that must be a real concern because as we know, GDP and GNP are the figures that are used internationally. They are the figures that investors look at. What I hear from Mr. O’Kelly is that he accepts that fund managers and asset managers are concerned and have been in contact with his office to express their concerns about the figures. Surely that is something that must be addressed.