Bill Mitchell: The Ireland growth miracle is largely illusory and biasing Eurozone growth data upwards

Since the March-quarter 2008 (at the onset of the GFC), GDP has grown by 114.8 per cent.

However, GNP has only growth by 71.1 per cent and Modified final domestic demand has only grown by 14.9 per cent.

The other obvious conclusion is that the Eurozone national accounts will also be overstated and hide the degree of contraction that is going on



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