Still a high income country – despite the recession
Posted on March 11, 2013 by Micheál Collins
Indicator 4.1 from the NERI's latest Quarterly Economics Facts (QEF) document shows that despite the financial crisis, the Republic of Ireland's income per capita remains high. The latest data, for 2011, show that Ireland's average income of €35,400 is the sixth highest in the EU. The figure is calculated by dividing GDP by the population.
Using Gross National Product (GNP), a measure which somewhat takes account of the income earned in Ireland and subsequently repatriated by multinational companies, the CSO reported Ireland's GNP per capita for 2011 as €28,325 (equivalent to the tenth highest in the EU-27). In the UK GDP per capita in 2011 was equivalent to €27,900. There are no GDP figures available for Northern Ireland.
While the data outlined in QEF indicator 4.1 reports average levels of income, it does not examine the distribution of this income - which is far from equal. Further insights into the distribution of income in Ireland (North and South) are outlined in other indicators within section 4 of the QEO.
In the latest edition of the NERI's Quarterly Economic Facts document, indicator 4.1 examines these EU-27 income figures.