Tuesday 27 June 2017

Strange things are happening in the economy - and budget outlook is bleak

A new Taoiseach and Finance Minister are likely to be in place soon, but their honeymoon will be short

Landscape: Over the first three months of the year, national property prices rose by 1pc - sharply down from the second half of last year
Landscape: Over the first three months of the year, national property prices rose by 1pc - sharply down from the second half of last year
Dan O'Brien

Dan O'Brien

The average person in Ireland is worth the princely sum of €137,000. What's more, people are getting wealthier at quite a clip, according to the Central Bank's latest figures released last week.

One reason for this is that the value of the nation's housing stock is rising. A second reason is that other assets, like pensions and cash on deposit, are also on the up. The third is that personal debt is falling, as the number of households repaying debt exceeds the number taking it on.

When these three parts of the personal wealth jigsaw are put together, a quite rosy picture emerges. The wealth of the nation's households has almost returned to its all-time peak, reached exactly a decade ago.

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