Together with employment growth of 2.5 per cent and wage increases of a similar magnitude, this points to growth in domestic activity broadly in the region of 5 per cent. This rate of expansion is far removed from the measured increase in GDP of over 26 per cent last year, but is over twice the average rate in the Eurozone.
The availability of good statistics is paramount from the Bank’s perspective, as we are not only intensive users, but also significant producers. However, solving these issues is not easy or straightforward. Nonetheless, it is imperative that we explore ways of overcoming these challenges.