Mr. John McCarthy:

We talk about GDP as a measure of the output of goods and services in Ireland. That is certainly the case. One goes from GDP to GNI where the income arising from the production of those goods and services does not accrue to Irish residents in the case of foreign-owned multinationals and there are profit outflows. That is where one goes from GDP to GNI. Every country has GNI but in most cases GDP and GNI are very close. Two very important adjustments have to be made to go from GNI to GNI*-----