Tommy Broughan (Dublin Bay North, Independent) | Oireachtas source

I thank the Minister of State for her response. The revision of our 2015 national accounts was embarrassing for the CSO and the Government. The significant jump in our GDP, based on the impact of globalisation and the transfer of whole balance sheets of multinationals and intellectual property assets to Ireland, was unusual and awkward for the Government, as well as embarrassing for the CSO. Obviously, our economy is very globalised and it was the first in which the impact of this was seen dramatically.

The work of the ESRG under the Governor of the Central Bank, Philip Lane, will allay concerns with our European partners that we are still not indulging in leprechaun economics. It will also allay concerns that when we issue figures for GDP and GNP, they can be taken as reasonably accurate.

Will the Minister of State indicate whether the 2010 standard and the balance of payments sixth edition manual is being applied to our national accounts? The fact the size of the economy jumped by 26% in 2015 with following growth for 2016 had fundamental impacts on the fiscal rules and fiscal compact, as well as the burden the country has to undertake regarding its European obligations. This has been discussed at the budgetary committee. Does the Minister of State know if our European partners understand this fully? Have all the recommendations from the Central Bank Governor in this regard been implemented?

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