Oireachtas Joint and Select Committees

Tuesday, 8 October 2013

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Macroeconomic Forecasting: Discussion with Department of Finance

8:00 pm

Mr. John McCarthy:

Exactly. I am interested in other people's theories and the research that will inevitably emerge in the area. The conundrum can be explained by the composition of output this year. It will not be a feature of the economy for too long as it is very difficult to envisage a scenario of productivity in negative territory for a prolonged period of time. We are not unique in this area. This time last year, questions were being asked about productivity performance in the UK. Deputy Boyd Barrett referred to growth without jobs. It is interesting and we would like to know more about it but it requires further work and more data.