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Dáil Éireann debate -
Wednesday, 30 Nov 1966

Vol. 225 No. 12

Ceisteanna—Questions. Oral Answers. - Assessment of Economic Trends.

1.

asked the Taoiseach what indices are used by economists and statisticians in assessing immediate and distant economic trends for the Government.

Appendix 5 of Part II of the Second Programme for Economic Expansion sets out in some detail the approach used in assessing the longer-term prospects for the economy. In the preparation of short-term forecasts all the main statistical indicators, such as those of national income, external trade and payments, industrial and agricultural output, employment, prices, retail sales and banking transactions are utilised.

In view of the fact that the former Taoiseach recently indicated that the validity of these so-called projections was, to say the least, questionable, would the Taoiseach not consider that some more reliable method should be found to determine the trends referred to in this question?

These projections are based, necessarily, on some assumptions, and some of these assumptions are based on human endeavour and activity. For that reason, and others, they cannot be absolutely accurate.

The Government have fallen down, no matter what the indications are.

Do not worry.

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