Irish second richest in Europe
Wednesday December 16 2009
IRISH people were the second richest in the EU last year in terms of the goods and services produced in the country (GDP) according to figures from Eurostat, the EU's statistics agency.
GDP is used as a key marker of wealth but flatters the Irish statistics because of the huge output of foreign firms making things like blockbuster drugs.
When adjustments are made to get Ireland's national income, the country ranks just above the EU average, and probably not in the top 10; behind Britain but ahead of Italy.
The figures are for 2008, and Ireland's ranking will have fallen further this year. GDP is estimated to have fallen by 7.7pc, compared with a drop of just over 4pc in the EU as a whole.
The 2008 data shows output per person in Ireland was 35pc more than the average European in 2008.
But the downturn has bitten into Ireland's debt standing in Europe, placing the country second only to Greece on a list of countries with over-the-limit budget deficits. Finance Minister Brian Lenihan recently said that the deficit could be brought down to just under 12pc of GDP this year. The Greek deficit is almost 13pc, more than four times the EU's 3pc threshold.
- Brendan Keenan and Sarah Collins
Irish Independent
