Saturday 21 April 2018

Our GDP per person is now the fourth highest in European Union

Thomas Molloy

Thomas Molloy

IRELAND'S gross domestic product per person was the fourth-highest in the European Union last year, new figures show.

Irish people got 127pc of the average when GDP figures are adjusted for purchasing power, according to the European statistics agency Eurostat.

The range among the European Union's 27 countries varied from 45pc to 274pc in Luxembourg.

Irish GDP is exaggerated by the multinational sector, which inflates the size of the real economy. Another measure of wealth, called Actual Individual Consumption, which measures what households actually consume, found that Ireland was bang in the middle of the European Union average.

The highest level of GDP per capita in the EU's 27 countries was recorded in Luxembourg, with a level of more than two-and-a-half-times the EU average. Luxembourg's figures are distorted because many people work in the Grand Duchy but live elsewhere.

The Netherlands were just above 30pc over the average, while Austria, Ireland, Sweden and Denmark were between 25pc and 30pc above.

Finland, Belgium and Germany were between 15pc and 20pc above the average, while France and the UK were between 5pc and 10pc above. In Italy and Spain, GDP per capita was around the EU average.

Indo Business

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