So technically Ireland is in recession.

AMKC

Funny I don't ever remember the recession ending. I have been in recession since it started in 2008.

riclad

We have a rising cost of living ordinary items are going up in price by 20 per cent or more people will have less money to spend on luxury items or going out as they have to spend more on food ,energy bills .the pubs in temple bar or near Grafton Street are not in recession they are doing great business

Wanderer78

...tis funny how property price inflation isnt included in cpi figures, thats a little odd, isnt it!

Brussels Sprout

I won't believe there's a real recession until there isn't record low unemployment and house prices stop shooting upwards.

The big multi-nationals have made a lot of our macro-economic figures virtually meaningless with regards to the domestic economy.

Kermit.de.frog

Doesn't feel like a recession. I don't think GDP is a good measure for Ireland. It's distorted due to multinationals.

AMKC

https://www.boards.ie/discussion/comment/120852120#Comment_120852120

Good for you then. Not all of us are so lucky.

Jim_Hodge

https://www.boards.ie/discussion/comment/120852510#Comment_120852510

You can't judge the state of the national economy on how you personally are faring. We have growth, trade balance is excellent, debt is reducing, unemployment is extremely low and tax receipts from VAT and Income Tax are above expectations.

The J Stands for Jay

https://www.boards.ie/discussion/comment/120852120#Comment_120852120

GDP isn't a good measure for anything. Under GDP, an open cast uranium mine is great. All the clean-up costs and costs of treating health issues caused by it all contribute to increased GDP.

ZookeeperDub

https://www.boards.ie/discussion/comment/120852510#Comment_120852510

https://www.boards.ie/discussion/2058305056/so-technically-ireland-is-in-recession

SO you personally are in recession but that does not mean Ireland is in recession.

SortingYouOut

https://www.boards.ie/discussion/comment/120853406#Comment_120853406

It's two and yes.

tom1ie

https://www.boards.ie/discussion/comment/120853406#Comment_120853406

Apparently a technical recession is two consecutive quarters of financial contraction when looking at GDP:

https://www.irishtimes.com/business/economy/2023/06/02/irish-economy-falls-into-technical-recession-as-gdp-contracts-for-second-consecutive-quarter/#:~:text=The%20revision%20means%20the%20economy,definition%20of%20a%20technical%20recession.

https://www.boards.ie/discussion/2058305056/so-technically-ireland-is-in-recession

How you feel trumps evidence?

Kermit.de.frog

I'd be interested to know what area of expertise the OP works in.

There's record low unemployment, too many jobs.

rossie1977

https://www.boards.ie/discussion/comment/120852120#Comment_120852120

Its a terrible measure. If we take GDP then Ireland is richest country in the world per capita

But obviously reality is different. Multinationals are basically using this country as a tax haven

https://m.youtube.com/watch?v=QDAa6ZQeEJ4

gameoverdude

Your all welcome to my new hotub, place ever so discreetly(and expensively) in my new decking.

Fois gras and wagu beef sangich made with the world's best bread (brennan's). Enjoy with a couple of decent sized mugs of lyons tea.

I do agree Ireland is doing well tax wise and I think it prudent to have a rainy day fund. Not sure about throwing all the dosh at clearing loads of low interest rate debts though.

Way more important things to do. Infrastructure, housing, pillories...

Padre_Pio

https://www.boards.ie/discussion/comment/120854874#Comment_120854874

We're also a massive manufacturing hub for very profitable products; pharmaceuticals and medical devices mostly.

We're no.4 in exports per capita, after Singapore, Hong Kong, and Lichtenstein.

No. 2 in GDP and no.6 in GNI, which is seen as a better measure. By all accounts, the country is doing fantastically well.

I think a sovereign wealth fund is better than a rainy day fund, keep topping it up and live off the interest.

ZookeeperDub

https://www.boards.ie/discussion/comment/120854874#Comment_120854874

Honestly are we still going on about the loop hole from many years ago. The article below confirms it was closed in 2015.

Our corporate tax rate was changed for us by the rest of the World including the supposed "Irish Friendly" US President.

The companies in Ireland are paying the corporate tax rate they are supposed to pay. That might be lower than other countries so they will of course class Ireland as a "tax haven" but it is the rate.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4285001#:~:text=In%202015%2C%20the%20Irish%20government,users%20until%202020%20to%20comply.

tayto lover

Disposable Income is the measure. People have less money to spend after paying bills.

Jim_Hodge

https://www.boards.ie/discussion/comment/120855363#Comment_120855363

Of course disposable income is not the measure. What bills do you consider? And is disposable income a percentage or monetary figure? I spent more last month but less in the six months before that: Am I experiencing recession? Absolutely not. I had less disposable income this year compared to last but I still had more than I needed and increased my savings. Is that a sign of a recession?

kneemos

https://www.boards.ie/discussion/comment/120855037#Comment_120855037

Wouldn't trust SF with either. Thank Christ they're not in Government or they'd be splashing the Dosh.

Geuze

https://www.boards.ie/discussion/comment/120855363#Comment_120855363

Please note that in economics disposable income is defined after social benefits and direct taxes, but before any spending.

Here is some data:

hymenelectra

This country is essentially run by a mafia-lite.

There's the show, "we're swimming in money, swear to god!"

And there's the tell, "well where the fook is it?"

It's not a recession that more and more people are suffering under, its cute-hoorism gone global.

Padre_Pio

https://www.boards.ie/discussion/comment/120855655#Comment_120855655

Based on what? SF have never been in government, and I'm not sure how much credit to give FFG for our situation, when they clearly cannot handle property, health, education and the public service.

gameoverdude

https://www.boards.ie/discussion/comment/120855963#Comment_120855963

True. Sf's money trees will also make us carbon neutral.

tayto lover

https://www.boards.ie/discussion/comment/120855523#Comment_120855523

Mortgage, heat/light, clothing, food, travel inc car and all it entails. Savings is disposable income too.

Jim_Hodge

https://www.boards.ie/discussion/comment/120856061#Comment_120856061

You didn't get the point did you? Even using your erroneous definition of disposable income, just because I may have less disposable in a period does not mean I still don't have more than I need nor that I'm experiencing a recession.

tayto lover

https://www.boards.ie/discussion/comment/120856127#Comment_120856127

Yes you could be a miserable *** and spend nothing of course.

Jim_Hodge

https://www.boards.ie/discussion/comment/120856163#Comment_120856163

Okay, one last try. I spent considerably more discretionary income over the past few months than usual, while my available disposable or discretionary income was reduced due to food and energy increases, but I still had enough left. That is not recessionary.

Bottom line us your measure of disposable income is not an economic gauge.

Kermit.de.frog

https://www.boards.ie/discussion/comment/120855963#Comment_120855963

They've been in government in the north. If you think we have it bad look at the state of the place up there.

tayto lover

https://www.boards.ie/discussion/comment/120856192#Comment_120856192

You might have managed but I bet there's others who are struggling.

Jim_Hodge

https://www.boards.ie/discussion/comment/120856223#Comment_120856223

Doesn't mean we're in a RECESSION. 🙄

tayto lover

https://www.boards.ie/discussion/comment/120856243#Comment_120856243

The last time we were in recession there were plenty of people doing well. Doesn't mean we weren't in recession though.

kneemos

It's relative I suppose. If you're doing remarkably well two consecutive quarters of negative growth isn't necessarily a big deal.

Padre_Pio

https://www.boards.ie/discussion/comment/120856213#Comment_120856213

The North is a devolved government of the UK with completely different economic and political rules. SF only got to be a majority in the last few years but has not been able to form the assembly because of the DUP.

It's a meaningless comparison.

I would look forward to a SF government. FFG have had their time and shown they have no solutions to the myriad of crises in the country. I not sure if SF could do much better, but I also don't think they can do worse. A change is needed.