David Cullinane (Waterford, Sinn Fein) | Oireachtas source

I welcome Mr. O'Kelly and Mr. O'Connor. The term "leprechaun-proofing" has entered the lexicon. It is obviously in response to the inflated GDP figures last year. We discussed it at a meeting of the Committee of Public Accounts late last year. The GNI*, on which Mr. O'Kelly says he is not an expert, is a new key indicator that is being looked at by the Central Bank and others in terms of having a better indication of real production levels out there and a real measurement of the economy. While Mr. O'Kelly trivialised that somewhat, is it not true that whatever indicators or measurements we come up with, the only one that matters in respect of the application of the fiscal rules - which is what we must concern ourselves with here in terms of a budgetary process - is GDP? Is that Mr. O'Kelly's understanding?