More wealth for the billionaires and multinationals! Let’s go!
Won’t make renting or buying a home any more affordable, alas.
Shocked Pikachu face.
GDP is a terrible metric for measuring Ireland’s economy. Why?
GDP is a metric that measures economic output (things made or services rendered).
So in the case of a bunch of lumber sold, that would make up part of GDP.
Now if that lumber wasnt the final product (i.e. it was a raw material for something else), then the lumber isn’t counted, but the final product is (maybe a chest of drawers or something). That way we avoid double or triple counting economic output.
Normally this is a fine metric to judge whether we’re actually making things and providing services (albeit a bit tricky to calculate). However, in the case of Ireland, we have a load of Multinationals. So the products/services these companies provide are calculated as part of our GDP, BUT the money for those goods and services gets expatriated (sent back to the home countries of those MNCs), it doesn’t stay in Ireland.
If all that money first gets recorded as part of GDP, but afterwards it gets removed from the economy, then obviously GDP doesn’t do a good job of showing how strong an economy truly is (at least in Ireland’s case). So GNI is a better measure instead.
Glad to see that Amazon, Google and Meta are still firing on despite the uncertainty.
Pity actual people aren’t seeing similar success which tells you all you need to know about using Irish GDP as a metric for anything other than tax avoidance
Due to corporations using us as a tax haven
We’ve been over this several times. Ireland’s GDP basically doesn’t count. It’s so skewed by the tax evasion by American multinationals it’s not the least bit representative of how things actually are in the country for people.
Stick that in your campfire and smoke it homeless people.
I thought government closed (most of?) the tax loopholes? Why are people still raising tax dodging in these discussions – genuine question
Like every year
Who cares if the majority of the population is still struggling. Can’t feed your family or pay your bills on a GDP number.
Despite the fact that it isn’t a measure of the average person it’s still taxable.
Aka Ireland will remain shit and become an even bigger tax haven while people die on the streets waiting for a home to magically appear
Yeh right, is Bono in charge of finances these days
Hardly matters to average person
This means we are at the top of the shite pile as all of Europe is on the bones of its arse financially
There’s many countries with lower GDP where people live far better than Irish people. Virtually all of Western Europe…
Leprechaun Economics at it’s finest
rich getting richer is all GDP means to me these days.
Remember this is growth rate not an absolute measure. Yes, it’s better to use GNI* than GDP but when one goes up the other does. With the exception of 2020 the rate of growth of GNI* and GDP has been pretty close.
Aren’t we so lucky to have a worlds largest money laundering facility smack bang in the middle of our capitol city! Where would the graph boys be without it!
Fun fact, rent is included in measuring GDP. And to balance for differing rates of home ownership, there is a stat called Imputed Rent, where homeowners are charged a fictional rent based on market rates for calculating their contribution to that GDP factor.
The higher rents get the more our GDP grows.
Ireland is a full of shit western democracy that isn’t really a democracy and Fine Gael appear to be controlled by Westminster. Whatever the source of this, its probably based on bullshit.
Also, just in, Ireland is the least corrupt country in the world!
About 70% of our national wealth is tied up in property value, which isn’t taxed accordingly
WOW!
Don’t care about GDP!
​
It’s a terrible metric for us. All of the big multinationals and tech companies make our GDP very misleading.
So wat are we give da pope now
Great, another opportunity for Fine Gael to tell us all how important GDP is despite it being a figure that means fuck all for the average person that just wants to move out of their childhood bedroom.
The only other thing as meaningless as GDP is a promise from a Fine Gael or Fianna Fáil TD.
Wot is an GDP?
We love a good portion of our GDP being in one apple bank account
The result of only caring about the economy at the expense of everything else
Lies
Huh? Someone explain this to me
Let it rain baby
the majority can’t afford their rent and proper healthcare and 30 yos are living with their parents but congrats to the rich techies in Dublin with free snacks at google I guess
A lot of pharma plants will be the cause of that I’d imagine
How come I always here about how great our economy is but I never see it. No infrastructure, public transport, healthcare, not many services not much to do apart from going to the pub. Whenever I go to a city abroad in a rich country I can clearly see the money invested. Here not so much.
This means sweet fuck all to the vast majority of us.
Can’t wait to see companies get richer and for this make zero improvement to peoples quality of life.
The pharma industry, which is huge here, is as recession proof as it gets. People don’t stop get sick because times are hard. If anything it’s exacerbated.
41 comments
[Source: European Commission](https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/autumn-2022-economic-forecast-eu-economy-turning-point_en#:~:text=For%202023%20as%20a%20whole,1.4%25%20expected%20in%20the%20SiF)
A great little country to do business
More wealth for the billionaires and multinationals! Let’s go!
Won’t make renting or buying a home any more affordable, alas.
Shocked Pikachu face.
GDP is a terrible metric for measuring Ireland’s economy. Why?
GDP is a metric that measures economic output (things made or services rendered).
So in the case of a bunch of lumber sold, that would make up part of GDP.
Now if that lumber wasnt the final product (i.e. it was a raw material for something else), then the lumber isn’t counted, but the final product is (maybe a chest of drawers or something). That way we avoid double or triple counting economic output.
Normally this is a fine metric to judge whether we’re actually making things and providing services (albeit a bit tricky to calculate). However, in the case of Ireland, we have a load of Multinationals. So the products/services these companies provide are calculated as part of our GDP, BUT the money for those goods and services gets expatriated (sent back to the home countries of those MNCs), it doesn’t stay in Ireland.
If all that money first gets recorded as part of GDP, but afterwards it gets removed from the economy, then obviously GDP doesn’t do a good job of showing how strong an economy truly is (at least in Ireland’s case). So GNI is a better measure instead.
Glad to see that Amazon, Google and Meta are still firing on despite the uncertainty.
Pity actual people aren’t seeing similar success which tells you all you need to know about using Irish GDP as a metric for anything other than tax avoidance
Due to corporations using us as a tax haven
We’ve been over this several times. Ireland’s GDP basically doesn’t count. It’s so skewed by the tax evasion by American multinationals it’s not the least bit representative of how things actually are in the country for people.
Stick that in your campfire and smoke it homeless people.
I thought government closed (most of?) the tax loopholes? Why are people still raising tax dodging in these discussions – genuine question
Like every year
Who cares if the majority of the population is still struggling. Can’t feed your family or pay your bills on a GDP number.
Despite the fact that it isn’t a measure of the average person it’s still taxable.
Aka Ireland will remain shit and become an even bigger tax haven while people die on the streets waiting for a home to magically appear
Yeh right, is Bono in charge of finances these days
Hardly matters to average person
This means we are at the top of the shite pile as all of Europe is on the bones of its arse financially
There’s many countries with lower GDP where people live far better than Irish people. Virtually all of Western Europe…
Leprechaun Economics at it’s finest
rich getting richer is all GDP means to me these days.
Remember this is growth rate not an absolute measure. Yes, it’s better to use GNI* than GDP but when one goes up the other does. With the exception of 2020 the rate of growth of GNI* and GDP has been pretty close.
Aren’t we so lucky to have a worlds largest money laundering facility smack bang in the middle of our capitol city! Where would the graph boys be without it!
Fun fact, rent is included in measuring GDP. And to balance for differing rates of home ownership, there is a stat called Imputed Rent, where homeowners are charged a fictional rent based on market rates for calculating their contribution to that GDP factor.
The higher rents get the more our GDP grows.
Ireland is a full of shit western democracy that isn’t really a democracy and Fine Gael appear to be controlled by Westminster. Whatever the source of this, its probably based on bullshit.
Also, just in, Ireland is the least corrupt country in the world!
About 70% of our national wealth is tied up in property value, which isn’t taxed accordingly
WOW!
Don’t care about GDP!
​
It’s a terrible metric for us. All of the big multinationals and tech companies make our GDP very misleading.
So wat are we give da pope now
Great, another opportunity for Fine Gael to tell us all how important GDP is despite it being a figure that means fuck all for the average person that just wants to move out of their childhood bedroom.
The only other thing as meaningless as GDP is a promise from a Fine Gael or Fianna Fáil TD.
Wot is an GDP?
We love a good portion of our GDP being in one apple bank account
The result of only caring about the economy at the expense of everything else
Lies
Huh? Someone explain this to me
Let it rain baby
the majority can’t afford their rent and proper healthcare and 30 yos are living with their parents but congrats to the rich techies in Dublin with free snacks at google I guess
A lot of pharma plants will be the cause of that I’d imagine
How come I always here about how great our economy is but I never see it. No infrastructure, public transport, healthcare, not many services not much to do apart from going to the pub. Whenever I go to a city abroad in a rich country I can clearly see the money invested. Here not so much.
This means sweet fuck all to the vast majority of us.
Can’t wait to see companies get richer and for this make zero improvement to peoples quality of life.
The pharma industry, which is huge here, is as recession proof as it gets. People don’t stop get sick because times are hard. If anything it’s exacerbated.