herald

Monday 11 December 2017

GDP figures may be off

Economy

The economy will grow faster than anticipated in 2015 because of strengthening domestic demand, the Central Bank has forecast.

But it also said the recovery last year may have been weaker than suggested because of accounting anomalies by certain companies.

The Bank said GDP growth last year - at an estimated 5.1pc - was inflated by so-called contract manufacturing.

This is where an Irish-resident firm contracts a manufacturer abroad to produce a good for supply to a client overseas. The sale of the good is recorded as a goods export, while the contracted production is considered a service import.

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