Thursday 14 November 2019

Dublin and Midwest lead way in disposable income

The Dublin Chamber of Commerce has said that this “highlights the importance of Dublin as the engine of the national economy”
The Dublin Chamber of Commerce has said that this “highlights the importance of Dublin as the engine of the national economy”

Emma Jane Hade

Dublin residents continue to have the highest levels of disposable income and have climbed 13pc higher than the national average.

The capital also accounted for 42pc of the State's total gross domestic product (GDP) of €173bn in 2012, according to the latest figures released by the Central Statistics Office (CSO).

The CSO defines "disposable income" as a person's total income, minus taxes and social insurance contributions.

The only other counties where the average disposable income was higher than the State's average of €19,468 that year were Limerick, Kildare and Cork.

When broken into eight different regions, the Dublin area remained the highest, while the Midwest came in at second and was the only other region to climb above the national disposable income average, with €19,701 per person.

Dublin's figure, which stood at an average of €22,011, represented an increase of 1.9pc in comparison to the year before.

The area with the lowest average disposable income was the Border region at €17,126, which accounts for counties Cavan, Donegal, Leitrim, Louth, Monaghan and Sligo.

The Midland region trailed just behind, and counties Laois, Longford, Offaly and Westmeath had an average disposable income of just €17,288 - almost 12pc below the national average level. Residents in the South-West region - which takes in counties Cork and Kerry - had the third highest disposable income level with an average of €19,235, less than 1.2pc below the State average.

While the average disposable incomes in Dublin increased by €400 that year, the Midlands and Border region fell by €160 in 2011 and 2012 respectively.

The average disposable income in the Dublin region has continued to steadily rise since 2010, when it dropped by more than 8pc from €23,167 to €21,251. The same figure was €21,611 in 2011.

The Dublin Chamber of Commerce has said that this "highlights the importance of Dublin as the engine of the national economy". The organisation's CEO Gina Quin said that this success is not limited to residents in the urban area and that workers can commute to "many of the current and most successful companies" which are based in the region.

She added: "Companies that locate in urban centres gain access to a wider talent pool. But workers do not have to live there to benefit from them, they can profit by commuting."

Irish Independent

Also in Business