Still a high income country – despite the recession
Posted on April 23, 2015 by Micheál Collins
Indicator 4.1 from the NERI’s latest Quarterly Economics Facts (QEF) document shows that despite the elongated economic crisis, the Republic of Ireland’s income per capita remains high. The latest data, for 2013, show that Ireland’s average income of €35,600 is the sixth highest in the EU. The figure is calculated by dividing GDP by the population. Looked at over time, the figures for the Republic of Ireland in 2013 are similar to those recorded in 2004/2005 - a few years before the economic peak and subsequent crash.
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 2013 as €32,337 (equivalent to the tenth highest in the EU-28 - ESA 2010 definition).In the UK GDP per capita in 2013 was equivalent to €29,600. 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 less than equal. Further insights into the distribution of income in Ireland (North and South) are outlined in other indicators within section 4 of the latest QEF.