Mr. Sebastian Barnes:

The measure of GDP, subject to the normal measurement error, is basically fine but the question arises of how one interprets it. For most countries GDP is straightforward to measure and provides a good statistic. In Ireland, however, there is a big difference between GDP and GNP, which is more relevant. In a previous report the council used this hybrid measure. We should not completely ignore the difference because there is stuff going on that is real and the tax revenue that accrues is important and should not be ignored. At the same time, however, it cannot be treated like consumption.