Tourism Ireland: "Gold" at the end of the rainbow County Donegal - Oct 30, 2015
[Leprechaun economics triggered über sham Irish economic growth in 2015 and it still endures up to the present. Phantom overseas exports that neither originate in Ireland nor have subsequent contact, trump the value of net custom-tracked Irish merchandise exports...In Irish folklore, the “luchorpán,” which means “little body," was a mischievous elf who hid a pot of gold at the end of the rainbow.]
In July 2016 American economist Paul Krugman dubbed the annual revision of Irish 2015 GDP (Gross Domestic Product) "Leprechaun economics." The 2015 GDP had jumped to a stunning 26.3% on the 2014 data.
IMF April 2023: Ireland at US$145,200 per capita GDP (Gross Domestic Product) was the highest in the world; the UK was at $56,500, but Ireland's true level was $33,500 per capita.😏
In response to the 2015 results, the CSO convened the Economic Statistics Review Group (ESRG), to broaden its deliberations on the challenges to interpreting Ireland’s national accounts due to the impact of globalisation.
Philip Lane, then governor of the Central Bank of Ireland (CBI) and now chief economist at the European Central Bank (ECB), chaired the ESRG, and members included representatives from the CSO, ESRI, UCC, Fiscal Council, TCD, Department of Finance, IIEA, IBEC, SIPTU, and the NTMA. The Group also received submissions from former CBI governor Patrick Honohan, the Revenue Commissioners, Eurostat, and the OECD.
In February 2017 the 'Central Statistics Office (CSO) Response to the Main Recommendations of the Economic Statistics Review Group (ESRG') were unveiled.
"An adjusted indicator, Gross National Income* (GNI*) of the size of the economy should be published, appropriately adjusted for the retained earnings of re-domiciled firms and depreciation on foreign-owned domestic capital assets."