To those who wish to get back to the favourable and soundly-based economic conditions of the late 1990s, this is probably the most encouraging indicator. There is plenty of scope for disagreement on the quantification, but the pattern is likely to be valid.
At the same time the figure also hints at how far below previous trend and medium term potential the economy remains at this point. Unemployment, albeit moderated by emigration and labour market exit, stands at 12.4 per cent. In any assessment of the major macroeconomic adjustments that have occurred, the impact on income inequality needs to be taken into account.