Contribution of Irish financial sector to GDP ‘overstated’

cb-ireland

The contribution of the Irish financial sector to the country's real economy may be overstated, particularly since the onset of the financial crisis, according to a working paper published yesterday by the Central Bank of Ireland.

The paper – Measuring the Value Added of the Financial Sector in Ireland, by Mary Everett, Joe McNeill and Gillian Phelan – queries data that puts the financial sector's 'value added' at €15 billion ($19.4 billion) in 2011, despite receiving government support of €63.1

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