by Jonathan Newman
Ireland’s Central Statistics Office updated their 2015 national income figures and revealed a staggering 26.3% increase in real GDP from 2014 to 2015.
Paul Krugman called it “leprechaun economics.”
Joseph Salerno said “that’s unbelievable!”
I say it’s just one more reason to doubt official macroeconomic statistics.
While some initially responded with accusations of duplicitous methods, the CSO assures that the figures were calculated using the standard EU accounting rules, including the reported 34.4% increase in exports and 87.3% increase in industry (!) over the same time period.