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 Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

If it is decided to add questions around wealth, for example, we would see a big drop-off in the compliance or the co-operation rates. That is just a reality of life, despite the respect there is for the CSO and the reassurance it gives in terms of confidence reality and so forth. I wish the CSO well in its efforts to engage in the process and, hopefully, there will be a sensible outcome in the end.

I will now turn to the issue of the national accounts and the GDP revision. In replies to parliamentary questions, the Minister for Finance, Deputy Noonan, referred to one further element of that, which I do not believe is covered in Mr. Dalton's opening remarks. The Minister referred to an increase in new aircraft imports to Ireland for international leasing activities that generate substantial fee income without significant employment effects. The Minister put this in alongside the other measures dealing with contract manufacturing and IP assets being transferred. Will the witnesses explain if that was a significant element also or was it a much more minor element of the revision?

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