Contribution of Irish financial sector to GDP ‘overstated’
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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