Irish and Greek incomes hit most by cuts
Consumers in Ireland and Greece were the biggest losers in terms of European income generated in 2010 showing the impact of austerity packages in troubled countries, according to new figures.
This country’s gross domestic product, a measure of the value of all the goods and services produced, fell to 125pc of the European average in 2010 from 131pc the previous year - and it is expected to fall further in 2011 as real wages continue to fall.
According to figures released today by the EU's official statistics agency Eurostat, the big winner was Luxembourg, while Ireland had been that country’s closest challenger in 2009.
The biggest gainers were Germany, the Netherlands, Denmark, Sweden and Finland which all recorded significant increases in gross domestic product per person, which closely correspond to average incomes in the long term.
Britain was also surprisingly badly hit in the aftermath of the financial crisis.