Using GDP as a measure of economic growth, the Irish economy shrank by a whopping 3.4% over the past 5 consecutive quarters.  But since that number is wildly distorted by profit repatriation from foreign multinationals based here, GDP is not taken as a serious measure of economic activity here.  One of the preferred measures is Modified Domestic Demand and according to Bank of Ireland’s forecasts, MDD will grow by 2.3% this year and 3% in 2025.  

Speaking to Joe this morning was Conall Mac Coille the Chief Economist with Bank of Ireland.