Ireland hikes GDP forecasts on jobs more statistical distortions

 The finance ministry warned, however, that GDP figures would continue to be boosted by statistical distortions that have led the Irish statistics agency to phase in new measures to better measure the economy’s performance.By GDP, Ireland’s economy has been the best performing in the 28-nation European Union since 2014.

“While GDP clearly overstates domestic living standards, analysis of a wider suite of indicators shows the economy in a healthy position at present,” the finance ministry said in its biannual review of the economic outlook.

“For instance, the economy is approaching a situation that could reasonably be classified as full employment.” The finance ministry had previously forecast GDP growth of 3.5 percent this year.

On Tuesday it said it expected GDP to grow by 4 percent in 2019, more than the 3.2 percent it had been forecasting.

Growth will moderate to 3.4 percent in 2020 and 2.8 percent in 2021 when the terms of Britain’s full exit from the EU will have a “significant bearing on Irish living standards”.