x See A Macro-Prudential Framework for Ireland 2014. xi See Central Bank of Ireland Countercyclical capital buffer rate announcement, 5 July 2018. xii See Central Bank of Ireland Identification of Systemically Important Irish Institutions and ii  14  Announcement of Buffer Rates, 8 December 2015. xiii See Central Bank of Ireland table for Standard Deviation of Annual Growth Rates (%): 1991-2017. xiv See Central Bank of Ireland Quarterly Financial Accounts – Q1 2018. xv See Lane, P., 2010.
Our conventional measure, which is based on a statistical method that combines several data sources, suggests that the output gap was close to the lower end of this range.12 However, an alternative structural approach suggests that the output gap was closer to 1¾ per cent in the fourth quarter.13 This reflects material slack in total hours worked, as well as a level of labour productivity that is considerably below its trend.