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Good news thread

  • 20-12-2008 4:17pm
    #1
    MSporty
    Closed Accounts Posts: 236 ✭✭


    We all know that the recession/ credit crunch etc. has created alot of bad news. However it has also meant that some good things have happened such as lower petrol prices and lower interest rate. This all good if you still have a job to go to in 2009. Is it also true that Irelands GDP/GNP is up in the 3rd Q ? Would appreciate if someone with a knowledge of economics could explain more on this?


Comments

  • #2
    Économiste Monétaire
    Closed Accounts Posts: 2,208 ✭✭✭Économiste Monétaire


    GDP has a year-on-year change of +.1% for Q3. GNP has a year-on-year fall of 4.9%. You can find the Q3 national accounts here. Are you looking for an explanation of the difference between GDP and GNP? Nominal interest rates are lower, however if deflation takes hold then your real interest rate could still be quite high.


  • #3
    silverharp
    Registered Users, Registered Users 2 Posts: 18,611 ✭✭✭✭silverharp


    MSporty wrote: »
    We all know that the recession/ credit crunch etc. has created alot of bad news. However it has also meant that some good things have happened such as lower petrol prices and lower interest rate. This all good if you still have a job to go to in 2009. Is it also true that Irelands GDP/GNP is up in the 3rd Q ? Would appreciate if someone with a knowledge of economics could explain more on this?

    there will always be winners and loosers when the economic game changes, if you have a secure job and are renting , your cost of living should go down, if you were planning to buy a house and were saving, your buying power should increase in the years to come. Other consumer goods/services might come down in price as retailers etc compete for your business
    However lower oil prices just reflects the fact that economic activity is reducing around the globe.

    Objectively the irish economy had got very bloated and inefficient in comparison to the countries we trade with so one way or another the wheels were going to come of the cart , it is unfortunate that it coincided with a global recession.

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



  • #4
    MSporty
    Closed Accounts Posts: 236 ✭✭MSporty


    Économiste Monétaire wrote: »
    GDP has a year-on-year change of +.1% for Q3. GNP has a year-on-year fall of 4.9%. You can find the Q3 national accounts here. Are you looking for an explanation of the difference between GDP and GNP? Nominal interest rates are lower, however if deflation takes hold then your real interest rate could still be quite high.

    Thanks for the info economiste. Was reading up on GNP and GDP, so know the difference now. Would you know where I can get stats showing the GDP/GNP of years gone by? When did the government here start recording these stats?


  • #5
    Économiste Monétaire
    Closed Accounts Posts: 2,208 ✭✭✭Économiste Monétaire


    MSporty wrote: »
    Thanks for the info economiste. Was reading up on GNP and GDP, so know the difference now. Would you know where I can get stats showing the GDP/GNP of years gone by? When did the government here start recording these stats?
    Well, there are previous year statistics on the quarterly publication that I linked. You can find more recent ones here (when the CSO starting publishing online) and spreadsheets here; also historical national accounts here. There are other publications on estimates of national accounts for around 1840 to 1920 by different people. I believe they started to try to account for output around 1948, when the move was made from the Statistics Branch to the CSO, but I'm not exactly a historian of statistics in Ireland... :D, so I could be wrong on exact dates. The interesting ones are from 1970 to 2002. How a country measures national accounts has evolved over the last half a century through different international standards, and there was a CSO revision in 1995 of methods.

    If there are specific numbers, or years, that you're looking for you can search the CSO site, or drop them an email. You could also try the ESRI databank.


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