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

Can I add a few points because I know the Chairman has a keen interest in this area? I have always made the point that narrow or traditional economic indicators only tell us so much. The memorandum that was brought to Cabinet today by the Taoiseach is really important in that respect. It sets out the approach that will be taken in developing a well-being framework building on the extensive work undertaken in the area, including the recent report prepared by the Department of Finance and the OECD framework for measuring well-being and progress.

A lot of work has been done internationally in this space. In terms of where we go from here, step one will involve defining what exactly we mean by the concept and taking the 11 dimensions of the OECD framework as a starting point. Designing the dashboard will involve deciding which indicators to include under each of the agreed domains. The CSO has indicated a willingness to assist in hosting and updating the dashboard on an ongoing basis. The work will lead to the production of an initial output by the summer of 2021. It is proposed that the National Economic and Social Council will provide a vehicle for consultation with stakeholders. I know the committee has expressed an interest in this issue so I hope it will participate and share its perspectives and expertise.