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This Is How a Smaller Economy Distorts the Growth Indicators of the Entire Eu
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The Irish “economic miracle” can occasionally surprise those who browse GDP data. Over the past four quarters, the Irish economy has grown by 4.6, 4.5, 7.4% on a quarterly basis (!), followed by a small correction of 1.0% in the second quarter of this year. Such a data set makes it difficult to interpret the data and determine an accurate picture of the economy even in the case of a developing country, let alone in the case of a developed countr…
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