Oireachtas Joint and Select Committees

Thursday, 13 October 2016

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

National Economic Output: Director General, Central Statistics Office

10:00 am

Photo of Kieran O'DonnellKieran O'Donnell (Fine Gael) | Oireachtas source

I have limited time and this is extremely important. The bottom line is that, internationally, we are judged like any other country by the markets and the rating agencies based on the metrics of GDP and GNP. We can talk about the broader question but, for the next number of years, which are critical years for us, we are going to be judged on those two key components. If we have another year where the figure is skewed, it is going to have an impact. We are coming into a very difficult period, with Brexit happening next March, so we have a two-year period of major uncertainty. To the ordinary person looking in, ultimately, this will be around GNP and GDP. What is the CSO going to do, as the independent reporting agency on the national statistics, to ensure that if these exceptional items arise, there will be a presentation to the markets and the rating agencies which explains that these are exceptional items and explains what the norm for Ireland is?

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