Why Ireland’s Economy isn’t as Rich as you think
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- Опубліковано 30 бер 2024
- In recent years Ireland has surprisingly topped many leaderboards to be labelled as the worlds richest country. Placing it ahead of nations like Singapore and Luxembourg. But here lies with problem with misleading statistics, Ireland roughly has the same incomes as France and is in the middle of a severe housing crisis. So how did everyone get it so wrong?
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in fairness, the Irish have always insisted that we look at GNP and not GDP for the true picture. Was in Dublin a month ago, it felt similar to the UK or Netherlands in terms of standard of living. Where I was impressed was with how young the population was - that will be an asset going forward that most other developed nations do not have.
GNP? Think you meant Modified Gross National Income (GNI).
Yeah... That's the capital though.
Outside the capital, it can get pretty desperate.
Another big recession when the Everything Bubble bursts and there'll be an unholy brain drain again like the 80s
Sorry, but a recent poll revealed that hundreds of thousands of our educated young intend to leave,
@@wolfthequarrelsome504 No -the capital is a rat race. Rural and small town Ireland has jobs , decent wages and room to breathe
Having just visited Ireland from the UK. You definitely wouldn’t know it’s supposedly 3x richer it looks about the same as Britain and doesn’t look like a utopia by any means. Good yes but people are not absolutely thriving like the gdp data would suggest.
UK has way more deprived areas and its poverty continues to grow. 😮
@eoinj3929 that's because the UK has like 10x the population
@@ForageGardener from living in both there is far less poverty in Ireland... however, in UK you have the NHS which is a big plus..
@@seanshannon907Ireland doesn’t have their own version of nhs?
We should judge a country by how it looks after its less well off.
By this measure Ireland outperforms the UK by some distance. According to the FT the bottom 10% in Ireland are 60% richer than the bottom 10% in the UK.
There are levels of poverty in the UK unseen in Ireland.
Ireland is the 8th biggest exporter of pharmaceuticals in the World.
Irish breast replacement milk is the biggest selling infant formula in China. Buy a computer in Europe it will hsve chips made in Ireland in it.
Irish agricultural exports are about 2% of its total exports.
All figures/ stats in Euro
There are no figures in €
There are a few errors in your video.
Your assertion that MNC profits are all repatriated is misleading. These MNCs can avail of tax benefits by reinvesting their profits into R&D in Ireland, which most do. This is where Ireland really benefits.
Ireland earns €24 billion a year from corporation tax. But Ireland also earns income tax and VAT from over 1/2 million people employed directly and indirectly by MNCs.
Also AIC is very misleading as it doesn’t take into account savings. Irish people have very high levels of savings. AIC is higher in countries with high elderly populations.
Irelands main problem is an inability to catch up and develop the infrastructure that is required due to capacity constraints in the economy. Given that the population increased by 20% over the last 20 years means there are huge demands on infrastructure.
What restrains Ireland development is the fact it is a highly planned market place and the one area that it has deregulate ironically to quite significantly is corporations.
If Ireland was to take the same approach to income tax, VAT, PRSI and USC it would find its internal economy booming in both performance and lower costs.
True but half a million dont work for MNCs. Its about 10% of the workforce including our own MNCs. That's about 270,000. Some people get the impression that half of us work for google and Microsoft LOL.
The core of the Irish economy are actually SME's - that said its good to have a mix, many SMEs provide services to the MNCs.
Let’s think logically. These MNCs are Ireland not because they wanted to help Ireland develop as a rich country (at least on papers). If these MNCs aren’t getting maximum benefit from being in Ireland, do you think they will waste time in Ireland. Ireland has nothing to offer. Deal with that fact.
@@RazorMouth
No that is direct employment but there are lots of other non employees who work because of the corporations.
@@JanBanJoovi-ol1qv
Ireland has native industries which allow multinationals to have low cost and high outputs.
I'm in Vancouver where for the last two years you can meet young, educated Irish constantly.
Ireland in a depression currently. 5 quarter's of gdp contraction, 14000 homeless and 200 restaurants closed just last year. The construction industry's dloing 1929 level contraction...
i dont think anyone was thinking Ireland was the world's richest country to be honest....or is that just me
The,Irish do, but they have a culture of talking shite.
It is one of the richest through real economic growth. Most of the countries that make the list do so out of a certain one track industry such as oil.
We're the richest when the EU is looking for contributions from us.
You regard Bill Clinton and Joe Biden as evidence of Irish success in the US?
"Fake" is a misleading word. The multinationals who distort Irish GDP statistics do employ hundreds of thousands in the country, with real offices and factories. And they pay enormous amounts of corporation taxes to the State.
Until they do not
They weren't paying taxes until the EU told Ireland to get its shit together and collect the 13 billion € the exchequer was owed.
I don't think any of the US tech giants have any Irish factories, actually making stuff. Are any iPads or iPhones made in Ireland? I don't think so. But like he said, any iPads and iPhones sold in the EU are counted as an Irish export, when they're made in China, and all the profits go straight out of the country to the US. All of this is extremely misleading. However, I have heard that quite a lot of pharmaceuticals are manufactured there.
And how many of these workers have kids, huge mortgages, rich tastes in luxury items and decent disposable income that could evaporate in the blink of an eye if America repatriates?
You might want to define "enormous" taxes. They employed thousand employes whose personal incomes were taxed. Taxed rather high...
But how naive of you to think that the corporates would pay the same amount of taxed percentage.😅 In fact thats the very reason they move their HQs to Ireland in the first place.
Great video explaining the progress of the Irish economy (albeit with caveats) - can you do a part 2 on how Ireland now tackles these issues?
Thankyou - we’ll look into making one!
The Irish housing crisis reminds me of the one we're having here in Australia. Housing has become financialised here too, moving out of the reach of more and more ordinary people and used as a wealth accumulation tool for those who already have property. Rental vacancy rates are very low, and government has moved from being a major player in the market to almost nothing.
If a billionaire walks into a restaurant the average wealth of the all the patrons doesn't increase.
That has nothing to do with gross domestic product.
If the Saint Billionaire buys a meal, then tips a waiter 100bux and has an affair with another waiter, then you could argue there has been an increase.
Yes it literally does, that’s how averages work.
My O A P in Ireland is 300 euro a week plus extras. Free doctor, 40 euro energy allowance every month, Free travel on while island , free water, property tax 500 euro on 600,000 house, If I passed means test, which I do not due to total income, I would also have free phone, 32 euro a week fuel allowance for 26 weeks every year.
Life expectancy in Ireland is 2 years longer than in N Ireland.
N Ireland OAPs also have free travel on whole island, including ferries to its off shore islands.
So I opine Ireland is certainly NOT poor.
@@danieldeburgh8437correct. The median wouldn’t change by much, but the average (mean) would.
thank you for your research and the video. greatjob. keep going :)
Thanks so much!
Hit the nail on the head! Thank you for posting.
This is an excellent account of the real economics behind Irelands apparent economic success. What many observers fail to grasp is that concepts like GDP, GNI, Actual Individual Consumption etc. are statistical constructs rather than directly observable phenonmena. They are established according to specific international standards in order to estimate economic growth and to compare the size of economies. Hence, it does not make sense to say that the GDP for a given country is "wrong", provided that it is calculated in line with the agreed standards. But for economies with an atypical economic structure or development, GDP may be a less useful analytic than for a more "typical" economy. The problem with national adaptations of national accounts standards (like Ireland's "GNI*") is that in an international comparison, the same methodology should be applied in all countries.
Irelands GDP is about right plus or minus a single percentage point. Irelands GDP is in line with its exports that can easily be tracked and modelled.
None of that means Ireland is not being mismanaged.
@@Larzh220469
GDP n GNP are meaningless unless they are per person.
UK has much higher GDP than Ireland. But population of the UK is 13 times that of Ireland.
So in order for Ireland and UK to be equal, the UK needs a GDP 13 times that of Ireland.
Good video, appreciate the ending sentiment I think many people here over look how far the place has come in such a relatively short time!
As an Irish citizen l can tell you that this wealth doesn't see the man on the street... the Irish government would take the last bite you had out of your mouth and tax it, wile suppling millions to foreigns. The mica scandal in Donegal is a good place to start.
It's sad that Ireland is importing far right grudge issues from their English neighbours.
@@ballyhigh11 Same issues same grudges
@ballyhigh11 such an uneducated thing to say. I've seen first hand how the people of Donegal have been made play second fiddle to "refugees" from North Africa. Their homes are literally falling in around them but the Irish "government" don't care.
Yes it actually does in well paying jobs, the main problem is how we let our housing sector get out of control mainly by letting land value grow to unsustainable levels.
I live in donegal. The mica crisis has obviously impacted the rental and housing market. And when looking at stats the government still choose Donegal as a county to put a lot of refugees. We simply don't have available housing.
One of the main problems in Ireland is that it’s a great country for middle and senior management across all sectors but theres also a terrible disparity between these people and the bottom level workers, which most people are in Ireland.
There are a lot of people who have done a degree or masters degree in Ireland who end up on factory floors doing jobs that could be done by literally anyone.
A lot of factories don’t have any union representation because MOST factories are owned by foreign companies and they simply won’t allow unionisation in their factories. This is an illegal practice and the government turns a blind eye because they don’t want to lose their foreign investment. The end result is a lot of unhappy working environments, and unmotivated workers which in turn lower output and profits etc. The government allows these practices because it fluffs up their employment numbers.
I’m Irish born and bred and I love my country and people but I hate the silliness and short sightedness of my government.
Very good video really well done brother I’m from Ireland and everything your saying is correct
There are some 60k to 80k empty houses in the South. But somehow there's a housing crisis?
What south there are few homes where people want them
Yes people own those properties and they are not just there to be complained about. There is not enough houses being built in Ireland for its population. it is that simple.
What you will find are a lot of unfinished houses.
????
@@Art-is-craft Close the border. Problem solved.
Statistics like GDP & ACI figures can be misleading,According to most recent OCED data household savings rate in the UK is 2% of household Income while the figure for Ireland it is 4 times higher. UK household incomes are also lower (Median equivalised disposable income), household debt being also less favorable at 146% vs Ireland's 108% of net disposable annual income.
LOL straight away Paddy has to compare himself to Britain. We live in your heads 24/7
@@OnlineEnglish-wl5rp Well the UK’s GDP is grossly over inflated, by the presence of over 200 foreign banks in London and by the dodgy billions of Russian oligarchs hiding their money in London. The actual GDP of the UK is probably 2/3 the official figure.
@@OnlineEnglish-wl5rp
Britain is actually a great baseline as it is one of the strongest economies in Europe. It is much stronger than people realise and more versatile than many European economies. Ireland out performing Britain as it grows is a good indicator of performance.
@@Art-is-craft Britain's economy has flatlined since the 2008 crash
@@OnlineEnglish-wl5rp
It has grown mildly but the most important thing is that the UK has not integrated its self the way others have or become over reliant on exports like some of the other European economies. Name an economy you would compare the UK to barring the US.
If we're one of the richest nations on earth, why do we still have the worst water??
Was home in Tramore for Easter and the water stinks of colorine.
Shit housing, crap water, shite roads, dreadful public transport, 💩hole capitol, and it rains all the time, and the national rugby stadium only has 3 sides to it.
Water supply has nothing to do with economic engine of Ireland. If you want to know why ireland has a poor health system yet spends the most amount of money in European on healthcare then you realise it has nothing to do with the crazy conspiracy theories of GDP.
Why does Ireland have terrible roads yet it collects in transport duties 4 times what it spends on actual transport.
We don't
@@thomastully9002
Complain to Uisce Eireann no point in complaining here.
I am not Irish so excuse my ignorance. But what is the Irish State planning to do with the taxes collected? They must be sitting on a surplus every year. Are they lowering taxes for individuals? Investing in infrastructures, public services or housing? Are they improving the welfare state like Norway did with oil money? Curious to hear more from the Irish themselves 😅
Unfortunately, most of it being wasted. 10% rise in pay for public sector workers over 2 years. €5bn a year spent on fake asylum seekers. There is a small sovereign wealth fund being setup, which is something in guess. But, no tax cuts whatsoever, as we lack a proper centre right political party who would advocate for this.
Currently sponsoring over 100k Ukrainians.
1. Water infrastructure is a disaster "Almost 300,000 people across 15 counties to be notified of high levels of cancer-linked toxins in their drinking water"
- Irish Independent, March 2024
We also pollute our seas and rivers daily with industrial effluent and raw sewage, look it up.
2. No metro to the airport and no reasonably priced transport from the airport after 2am. A taxi might cost around €80 if you simply had to after a delayed flight
"Dublin Airport fined €10m for dirty toilets and security queue waiting times"
- Irish Times, March 2024
3. Dublin Dublin Dublin. Outside the capital only two "cities" have recently been connected by motorway - Limerick and Galway. Cork Limerick is promised but won't materialise for a decade.
4. Politicians and civil servants salaries - often around a quarter of a million euros or more.
5. House prices are mental
6. Rents are mental
7. Our electricity is overpriced despite having 40% electricity from wind regularly.
8. Our national broadcaster RTE is not just biased but riddled with financial scandals.
@@tszabon
But even with that sponsorship that probably is not real Ukrainians it still has a massive economic surplus in many areas of the economy.
Ireland has a very poor citizen investment rate because the population is obsessed with savings so all that spare money sits in savings. Ireland has one of the highest property ownership rates in Europe but yet has a housing crisis. I could demonstrate the massive level of mismanagement with lots of other examples.
They are putting the money into a sovereign fund ,for the future when there is a slow down,it will keep infrastructure projects going.
Between 1841 and 1921 The British Government succeeded in reducing the population of Ireland from over 8 milliom to 3 million.
This was done via genocide via exporting food under protection of British guns while the starving Irish looked helplessly on.
As we say over a million fled and over a million dead from starvation
What do you suppose happened to the other three million (one million dead, one million fled) this is another piece of fiction a lot more than 1million died,
Stop shit stirring. Millions of British people died fighting wars that the Germans started, much more recently than the 1840's. However you don't hear us blaming the Germans alive today for that. The famine was not a genocide.
It was caused by politicians (many of which were Irish) . Who were in the pockets of big business. Following crazy hard right economic policies. It was a tragedy but it was 180 years ago. What the fuck has that got to do with this video?
It was official British Government policy to export food from Ireland under the protection of British guns while the starving and dying Irish looked on.
How many wars did the British start whike the tried to make their writ run?
@@Joeblogs263 ya they probably did die fighting germans, they also probably started those wars, the genocide in ireland is an historical fact not on something you made up, by the way germany doesn't occupy any part of your country, ireland up until 24years ago was enforced brutally, it still is, abet clandestinely, funny isn't it how you people somehow manage to blame your victims, you the people who start wars at the drop of a hat and usually preceeded by lies half truths and disinformation, iraq, afganestan, or proxy wars as in ukraine, but i suppose thats the ukrainian peoples fault and has nothing to do with britain and america as i suppose the genocide in israel has nothing to do with britain either.
What a load of cobblers. The British government did nothing if the sort. This is the kind of ignorant stupidity that’s kept murderous terrorists going for generations.
Profits of FDI operations are not repatriated to the USA as they would incur onerous taxation. Which is why earnings are retained in Ireland. And IP too for similar reasons.
As a Dubliner from the southside almost everyone who owns their own home is a millionaire. South Dublin is by far the richest area in the EU as per EUParl stats.
Irish are similar to the Germans in that we have no issues presenting an austere facade.
You and your south Dublin neighbours are only millionaires on paper because of your house that you bought before the prices went stratospheric, the cause of which was precisely because of the US tech giants moving in. What about the next generation? It's a really unhealthy way to manage an economy. This is why the majority of young Irish are looking to leave, they simply can't afford to stay and are voting with their feet.
@@nickbrown6457 I wish I was a millionaire. Housing and road repairs are actually being hampered by the EU as they claim it would 'overheat' our economy. So we have to stick our supernormal earnings in their banks aka a Sovereign Wealth Fund
@@nickbrown6457 And who has the pot o gold?
You guessed it.. the leprechauns.
Give me 'Leprechaun Economics' anyday.
Irealnd is a mirage, live there for 6 years before moving to states, poor infrastructure, poor investment in future projects and a culture that promotes spending on the weekends like its the end of the world, made me think of moving elsewhere. Country is great in terms of people however even my Irish friend who have moved to Canada or Australia experienced life beyond the damp weather and unaffordable pints absolutely not worth it.
This is same happened in all the large cooperative countries.
Great content 👌 i subscribed 👍
The whiff of Brexit inspired desperation off this hatchet job.
10% company tax is not tax heaven FFS !
Actually it's 15%.
the average 41k a year ? i dont think so
You're right it's probably less when talking about standard citizens
@@loto7197 what on earth is a standard citizen?
@@cycledublin fair question, poor and hastily worded on my part. I meant the average person, the typical citizen etc.
Our GDP is bolstered by a few corporations, property owners, our TDs and former TD's, some within the finance, pharmaceutical and tech sectors, just as examples, and in no way is reflective of the earnings of the majority of our population. We famously have a two tier economy and this has been well documented within the last few years by various economic researchers.
You must also realize that as the cost of living arbitrarily arises so too does our GDP, look to the record high revenue of the ESB within the last few years as an example of this.
If our cost of living inflation was genuine and not arbitrary then the ESB would not have the profit margins it has has
@@loto7197 its actually about 50k, i'm on 70k,....... maybe you're just on the lower end of the scale.
@@RazorMouth im not talking about me personally and id never be fool enough to disclose my financial earnings online. I'm talking about our GDP not being an accurate representation of the populace, which is still the case. Of course we will have all sorts of various income amongst ourselves, but the majority of the population is certainly below 50k, its estimated to be about 36k-45k and the median for men is 44k or so.
5% of employed people within the country earn 85k or upwards per year, and the lowest paid employees make about 9k per year and the top 1% make a median of 280k per annum
It depends on who you are talking to and where. If you live in Ireland and visit the UK you can see the UK has obviously become poorer and Ireland is getting richer. There are some very rich Irish and some very poor Irish and that will not change but simply look at the Irish middle class who are doing well. Housing for the young and poor is still a big issue.
The perfect example of what “trickle down” economy really means in the end.
Nobody’s talking about how the graphics look the same as real life lore
Ireland is wealthy country for sure, defo no where near the richest as per GDP per capita but it does trickle down. A sizeable portion are doing very well, the services and infrastructure are mediocre at best. Housing and healthcare are a mess. The tax haven label is horsehit too as implies all these companies only have a brass plated letterbox, there is serious amount of real economic activity here. One of the biggest exporters of pharma and Medtech in the world, real stuff being manufactured and exported and a tiny population in contrast.
Yes Ireland is the one of the wealthiest per GDP. The issue here is that most who comment on the issues do not know what they are talking about.
Irelands GDP figures are in line with exports, average net worth, savings and so on. I think people confuse irelands poor infrastructure such as transport and health to then mean that it applies to everything else. There is actually more of a chance that Irelands GDP is under represented.
@@Art-is-crafti think you should look into things a bit more before commenting
@@loto7197
I gave points. Irelands GDP is in line with exports and net worth.
@@Art-is-craft yes, its reflective of the income of certain irish businesses and sectors, not the actual wages made by most people, which was the entire purpose of this video
@@loto7197
Irish median average net worth is in excess of €300000 whereas the European median average is below €300000. Irish exports are out performing GDP which signifies that GDP is being under represented. The median income level in Ireland is €63000 and in many European countries it is half that.
At 6:06: GDP means Gross Domestic Product, not GROWTH Domestic Product 🤣
Great Video
Why do you call it Growth rather than Gross Domestic Product?
High GDP. Big deal. High GDP is not necessarily a sign of a healthy economy. You must distribute money to the masses, because if people don't have money to spend, then you don't have an economy. This is a financial system that will only grow larger, eat away quality of life until the predatory financial system will implode. Adopt a cat, buy a tent, and some seeds to plant
Yes it is.
GDP is a measure of the productivity and lets people see how an economic engine is performing.
Irlands GDP is abnormally high because many American tecgigant (Apple, Microsoft etc) have their European headquarter in Ireland. All the revenue made by these companies then appears as “income” in the Irish GDP. Most of these revenues are transferred “home” to the US or to some shady taxhaven, and do not end up in the Irish economy.
Wrong. They pay for example 1% of income earned all over EU. Your government spend money earned in other european countries. We all know that Ireland is tax heaven inside EU. The same economy is in Luxembourg
@@wertyks508 This makes no sens. My point was that the revenue for these American tec giants dont stay in the Irish economy for very long. And like they said in the video, the Irish state have zero to little taxation on these revenues. This is why Irland on paper looks ritcher than it realy is.
@@wertyks508
Ireland is not a tax haven and no amount of European jealousy can change that.
Of course it is. That's why here in Eastern EU we pay irish invoices for every american corporate services. Then those corporates pay some income tax according to their agreement with irish government. So that little icome tax is paid in Ireland from all EU income
@@wertyks508
That signifies that Eastern Europe does not have a developed system of inventory.
GNI plus 10- 15% is the best measure for Ireland which places it in about 5- 6 posiion which is about right.. .. the economy is far ahead of Lithuania or Cyprus which the AIC data suggests its behind..
A country is only as rich as its poorest inhabitants IMO !
Then all countries are poor by your logic
@@90taetaeyaThey know more about the reality of this world than you clearly.
lol this is complete nonsense
Luxembourg is also a statistical fluke in GDP values. A large number of workers enter Luxembourg from France, Belgium and Germany each day and return home each evening. They contribute the output but not the denominator. So Luxembourg is NOT as rich as either. Ive been many times too having worked there
Im glad you made this video. Im not happy here at all. is there a country where you can move and rent an actual one bed apartment for some normal price, have a car and live from your wages, and not thinking of starting an OF or some second shit job just to be able to live comfortably. I been to Canada few times, I love it, but they have similar problems with housing just like here, is it still worth trying anyway? what about Australia (I know US is impossible because it’s impossible to get work permits idk how people do it), what about Dubai? im open to all suggestions. Thanks everyone
How old are you? If you are in your early 20’s you should try NZ, Aus, and Can. Do them all. If if you can only stay one year.
@@noodlyappendage6729Aus and Canada much worse than Ireland
NZ housing is a disaster. Bad quality, expensive, shortage.
Housing in Germany and Austria is affordable and decent quality. The language shouldn’t be a problem.
Could you do a video about the greek economy on 2024? As a greek i can say that it's actually improving
In the last 5 or so years Ireland has reduced its dependancy on multinationals due to great policy and guidance from enterprise Ireland (helps Irish entrepreneurs). The housing crisis is very very slowly improving aswell
Irish Gov shill
How can the housing crisis be improved when you're being flooded with immigrants?
@@matthewbarry376 I did not vote for the current gov nor am I a supporter
Any evidence of the housing crisis getting better?
Record numbers again this month for homelessness. Eejit
Ireland is way better off than it was years ago.... but it still has social problems like all Western Nations...and newly contrived problems like all Western Nations such as mass immigration, inflation, drug addiction, housing shortages etc.. The Globalists have inflicted Ireland with all these problems just like they have with the rest of the Western World.
Without globalism the Americans would have stayed at home
As Bob said “Banana Republic,Septic isle”
It wouldnt be so bad if Ireland wasnt allergic to urbanism and planning.
Love how the people on here use historical aggrievances just to have a go at each other. Some folks seem to think they can use bad history to have a go at someone with no concept of how things where in those times.
" Your government starved the Irish" is a popular one.
No they did not. No one alive today is responsible for what happened hundreds of years ago. It is used as an excuse by bitter people to promote more bitterness.
Where is the historical line drawn? At what date do we get over it? Because every country in history has some dark past.
In fairness the vast majority of Irish people have no grievances with the UK.
This is very sad. I hope it reaches those heights once more.
@1:55 Ireland didn’t export to the UK. Ireland was part of the UK.
So still a prosperous nation, just not the richest. Big deal.
Corps buying housing removes housing off market and puts corps competing with citizens on limited inventory. Exactly what happens here in usa
Canada too has the same housing crisis and for the same reasons.
What countries are the young Irish emigrating to?
The government is so concerned about looking kool by attracting fancy multi nationals and being cosmopolitan than providing basics like housing.
Higher annual income does not mean rich. Richness is measured by assets (net worth).
1:52 Lol exporter of crops?😂 That’s called colonialism and it wasn’t exactly a choice.
Stupid comment.
Stupid comment.
It isn't how much wealth a country have but how it is distributed. A concentrated wealth between a minority don't usually help most of the society .
Ireland has a pretty low Gini coefficient of 29.2 as of 2020. Low is good. Low is a fair distribution of wealth. Our progressive tax system ensures this.
I used to go there in the early 80s and it seemed like a poor country then. I went there last year for a funeral. The old couple that put me up: you would need to be a millionaire to own a house like theirs. My cousin's house was pretty nice too. Much nicer than my one bedroom flat.
Good video summarizing the situation. Well done.
Paddy's galore in England, still bring their caravans over from Ireland
The average income is 42k Gross or Net? the standard tax rate is 20% up to 42k ( I remember when it was 32k) and the higher rate is 40% onwards on the lower end of the housing, you would be lucky to buy a house for 320k .... on the bright side, at least we have good weather 🤣
Income levels per household are a better indicator as they demonstrate the cost of living against income. Irelands median household income is €62000 per year. Which is much higher than the European average. How this then can be checked is against median net worth and median savings levels. Ireland has some of the highest net worth figures in Europe along side savings levels. GDP can be also evaluated against exports and it turns out that Irelands exports are higher than the EU average per GDP so there is a chance that the GDP figures are actually under represented.
@@Art-is-craft Which NGO you work for? You have commented on almost every post? Government shill 💯
Growth Domestic Product???
Quite a GROSS mistake
Its not as poor as the UK thank god 🙂
Ireland's economy is built on sand.
The UK is not poor.
@@Art-is-craft
It looks it.
What are you talking about? By pure infrastructure alone the UK mogs Ireland, rail, buses, total housing, Internet speed, shopping centres, football stadiums, hospitals. An actual fuctioning standing military. I can count on my 2 hands how many times I have seen a super car in Ireland. The UK isnt poor. Plenty Irish still jumping ship to the UK.
@@SGBD8933 absolute nonsense. Total means nothing, otherwise that makes Chinese folk richer than Brits. It's proportional to population, and in that case Ireland is way ahead of the UK. The amount of supercars in a country is not an indicator of wealth, it's an indicator of a small elite of super rich, something that can be found in most poor countries. There is plenty of migration of Brits to Ireland, in fact they are our biggest immigrant community, and also the biggest foreign group to claim Irish social benefits.
2:10 not descendants - ancestors
Your problem with housing is that government controls the land and where you can or can't build, so offer is restricted.
Exactly the opposite of what you said
I’ve never heard so much shit in the life of the internet 😂😂😂
Average salary in Ireland is 47k not comparable to France 39k or Italy 31k , Ireland has the 6th highest average salary in Europe! The rest of this video is rubbish, if all young Irish people want to leave why does dublin have the youngest work force in Europe ! I see from the rest of the videos on your channel your thing is to attack economies but at least get your facts right or is just click bait to make you money. Ireland is one of the richest countries in the world , obviously it has its problems most of them related to its fast paced economic growth and population increase , they will deal with that and it will be a much improved county in 5-10 years. Also just about every country in the west has housing problems , ireland still has one of the lowest rates of homeless people in the world with 13k most of whom live in temporary accom compare with the uk 400k nearly 3.5 times the rate of Irelands per 10k of population , Australia 125k , France 330k! The Irish economy is also low debt economy and runs surpluses which will see the country with an estimated 120 billion sovereign wealth fund by the end of the decade!
This is interesting. The whole thing is that if the individual is financially good and stable that's the goal
@@evansnyamesah1755
Irelands GDP levels are in line with its export levels. it also lines up with average household wealth and employment levels. Irelands problems are poor internal market place and poor infrastructure that could easily be solved by a savvy government that figures out how to deregulate and cut income taxes.
@@Art-is-craft
Ireland is reducing income tax and social contributions
@@williampatrickfagan7590
No it is not. It is producing a series of headlines. Nobody believes it is true.
Dublin is mostly foreign these days. That’s why.
The cost of living mire than wipes out the wage differences.
Highest GDP per capita not most rich 😂 all that money is in the hands of a few foreigners its just parked in Ireland
That’s a very misleading statement. 300,000 people employed by MNCs earn wages and contribute income tax and VAT to the Irish economy. So FDI does benefit Ireland.
Not to mention that Ireland earns €24 billion a year in corporation tax @@limerick5931
@@limerick5931 benifit doesn't make it the richest country in Europe just because there's a bunch of money parked there 😆
@@ForageGardener I never said it did. In my original message I pointed out what I saw as misunderstandings in the video.
@@limerick5931Ya for now. People said the same shtick about Dell and as soon as their deal with the goverment ended they fecked off.
If you go back 80s Ireland was really poor so it got rich quick
10 company’s pay most of the corporate tax here.
Shaky foundations.
Indeed. Another potential Famine in the making if America decided to pull the plug. De-dollarisation and $34 trillion debt with Trump coming back ....
They are the largest by value but not by the overall corporate tax rate. If ireland wants to develop its economy it needs to deregulate the internal economy in taxation and small business requirements. A good starting point would be to lower the requirements on limited company structures to make it easy for a small start up to form. Sol trade is not as effective as a business formation.
@@Art-is-craftTell that to the
I D A NOT readers here.
That is why Ireland has created a wealth fund. In case anything goes pear shaped..
No point in having all the eggs in 1 basket.
@@williampatrickfagan7590
What do you mean?
Big IP companies created jobs that were filled by expats & pushed numbers that didn't have a translation to the everyday Irish man. The Irish government lowered taxed & deregulated only the areas that favoured those big IP companies, while leaving its weight on the backs of its citizens.
The Irish State had all the good numbers to show the international market, but the Irish nation was in the same situation they were before, if not worse.
This kind of reminds me of South Korea yet it's reversed because the Chaebols get all the money instead of foreign companies
In 2008, Apple had more money in Ireland than the entire Greek national debt - that just illustrates how modern economies really work and who actually benefits. Greece was shattered by its financial crisis while the Irish people were forced to prop up the wealth of a tiny number of parasitic corporations
tripe
Apple did not have money in Ireland it never had. Apple keeps its money spread out world wide in different banks.
@@Art-is-craft That's a lie and I can state that categorically because I know the Operations Manager of the bank in Ireland which held it
@@niallodonnell7827 What's "tripe"? You, like the rest of Europe, were forced to bail out billionaires
@@OnlineEnglish-wl5rp
When did apple have this money in Irish accounts.
Theres nothing more the Irish like hearing than an English accent telling us we're poor peasants.
Typical Irish attitude what really matter what people see on the outside not what’s wrong in the inside
grate content, voice grate, you real?:))
We have the same problems with housing in Australia because of the same problems causes by the same small hat people
Blame the Jew, right? That's your answer to every problem.
Dublin looks like London... Graffiti strewn!
... at the expenses of all the other European countries
Ireland lacks proper transport infrastructure. For a rich country we are one of the only countries in Europe without a rail link to the airport
To be fair, they are planning one in Dublin.
Ireland had money thrown at it by the EU. It has stopped now.
Literally nobody thinks we're the richest country in Europe or the world except people that give a crap about GDP charts.
GDP is an irrelevant metric in the modern world as all countries are so interconnected, there is no way to know what GDP benefits what people, GDP generated in Ireland could benefit people living in the UK and US..... also vice versa some GDP generated in the EU, UK or US could benefit people living in Ireland.
The only metrics worth looking at are GNI and/or the tax collected in a country per capita.
Using those 2 metrics Ireland sits somewhere from 5th to 8th in the world, still positive but nowhere near the ridiculous GDP metric.
Bullshit this Ireland may look good on paper it’s just another example of a country living on borrowed time
Pubs and Cafes is not exactly „economy” :)
Horray. Peach it, buddy.
€41k? What a laugh.
A full time job will give you a net of about €20k.
Believe me as an Irish person, youre not going to do anything with that.
Gross income it's about €41k a year, but the average unskilled job pays around €28k-€32k which is about €26k net. €20k a year net is not even minimum wage, that's like €10.70 an hour
How on earth would a full time job in Ireland pay €20000 per year when the minimum pay rate by law is €12.7 which equates to €23000 per year.
The median average household income in Ireland is €62000 per year.
That's not even legally possible..
It's true that full time jobs do pay less than minimum wage especially for women and don't forget all the tax and other payments taken out of a person's wage leaving them living in poverty which many many working people are stuck in.
@@annobrien8387
You do not confuse earning with pay rate. It is illegal in Ireland to pay women less than men.
Been living there for six months and I hated it ,
Ireland is just trying to made the best of the relativity weak economic hand its been dealt, no body is saying its prefect, so I really don’t understand all the hate and resentment coming from British people in the comments.
What happens when the tax dodging corporations pull out?
We’re fucked
@@stuartlawlor901 Just don't think about it and we'll be grand
If you think Ireland is poor you have never been outside of switzerland or norway. Ireland is just honest about its tax rate unlike its neighbours, funny how the isle of man is both independent and not independent.
Shenanigans I say
I knew they were a tax haven, but i thought they atleaat were taking enough of a cut to build the nation lol. Insanse their standard of living isbt higher than other euro and uk
Ireland has become really expensive There are many who havent a sheeps s&ite.
The biggest tax loophole-hole was closed 18 months ago, I’d like to see the effect on the most recent numbers.
Zero impact. Irelands GDP is based on production and it can be seen in direct export figures.
@@Art-is-craft you have proof of that?
It was closed in 2015; given until 2019 to restructure. Legal challenges persisted for three years but they've been closed since 2019.
@@jamiegrant5955 and the effect?
There are way too many Irish keyboard warriers online defending and boasting of their GDP (A figure they want to use) - its long been the case that the huge bulk of ''Irish GDP'' has nothign at all to do with Ireland. Buying an iphone in Croatia (or timbucktoo for that matter) is registered as a profit in Ireland. Bonkers.
Irish ''Exports'' are also very much overstated, sicne about 40% of the export number is once more not ''Irish'' but ''booked'' through a paper company in Dublin. Lets say, processed/manufactured in Namibia and shipped to Italy for instance.
I have not yet mentioned the contingent liabilities under the ECB with the fake currency that is The Euro. These liabilities are hundreds of billions of Euros for which Ireland is one of many joint & severally liable economies. These would be on the balance sheet of any PLC - so why not Irelands? (For the record, UK has its own bank as such has little or no equivilent contingent liability)
I am very glad that ''someone'' finally talks about ''household income'' and not GDP or any other measure that is equally unfit for purpose.
I get slapped down by Irish people who then state ''But Londons laundromat is far bigger than Irelands'' - well, I dont know how they know that, as none one has yet PROVED any numbers to me (not guesses please) - but also, unlike Ireland which does count its fake economy, if London does have a bigger 'laundromat' than Ireland - then whatever figure they come up with should also be added to UK GDP logically speaking. This may perhaps double the UK economy to become the third largest economy in the world - hmmmm people wont loike that will they?
Logically? Oh! maybe thats too much to expect.
I think it's just surreal that Ireland is now wealthier than the uk
You seem to favor government action / "investment". Which is even worse in most cases, because central planned economies never work. The underlying real problem that you dont speak about here is the excess of Fiat money that the large investment entities like Blackrock have. This is just corporatism with monopolies which is creating this disaster. More Government as another type of monopolist , with all the wrong incentives, would not make the situation better either. Only a rejection of the current Fiat money system would correct this, so that sound money can be reintroduced and find a fair distribution between people, so that they can invest it in real estate etc. BUT here also the government hinders the people to build more: Tons of bureaucracy and slow permits etc.
Irelands central planning is one of the reasons it has a poorly development internal economy. If ireland was to just cut taxes and deregulate internal market place it would boom in a positive way.
Definitely isn’t reality. The funds are there, and the economy is strong, but the housing issue is a major one. That being said, it’s a major problem in the UK and USA as well, I’m actually raising Capital for a modular homes project.
The history piece covered in the video is a bit sickening to listen to as it’s skates past the reasons why Ireland had a “famine” which was British occupation and subjugation.
Ireland is a young nation and has done well to get where it is. The population is now 7 million+ due to migration and mismanagement of migration. This has driven the housing crisis to levels never before experienced.
Ireland had a famine because of the potato blight. The UK gov mismanaged it at the time due to the gov at the time. The UK gov didn’t create the famine. It was England that introduced the potato to Ireland in the first place which helped Irelands population increase.
@@noodlyappendage6729 wrong. On a number of fronts. Much of western Europe had potato blight. At the same time as the British administration oversaw the starvation and death of two million Irish people, hundreds of thousands of tonnes of grain, and livestock and lumber were being exported from Ireland to Britain.
Many of the native Irish had been forced off their lands by British plantations and were forced into labour work houses and camps - Arbeit Macht Frei - but without the cameras.
So yes, the British did cause it and no, there was never an actual famine in Ireland.
@@noodlyappendage6729
The Spanish introduced potatoes to Europe in the second half of the 16th century. At the time of the famine, Ireland was part of the United Kingdom so some other Europeans introduced it to the UK and Ireland being part of the UK also had the potato then. Details matter.
@@Frankabagnale33 England introduced the potato to Ireland.
@@Frankabagnale33 the United Kingdom did not exist in the 16th century. Details matter.