Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The CSO produces the figures; I do not make them up. They are based on the statistics from labour force surveys and are real jobs. What was interesting over the summer was that a movement creating part-time jobs had led to a movement creating full-time jobs. More full-time jobs are now being created than part-time jobs. Extra jobs are being created. The anomaly is that normally employment creation follows growth, but last year the statistical economy showed a decline because of the movement off patent in the pharma industry for many key products. The statistical decline does not affect the level of employment much because the pharmaceutical industry which employs 25,000 people or 2% of the labour force did not let people go. The value of the product produced went down because there was competition from generic medicines once the key lead medicines had moved off patent. There is a statistical quirk in it that does not fully reflect what is happening in the economy. Other sectors grew and jobs were created, but the statistical drag back stems from what is called the patent cliff.

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