Wednesday, January 12, 2005

Wealthy Ireland

Ireland is one of the richest countries in the world, according to the Organisation for Economic Co-operation and Development (OECD) and Eurostat:

The study compares gross domestic product (GDP), adjusted for purchasing power parities, which are defined by the OECD as "currency conversion rates that enable international volume comparison of GDP by taking into account the differences in price levels between countries".

Using this measure, Ireland scores 129, compared to an average of 100 for the 30 members of the OECD. This puts the Republic in fourth place behind Luxembourg (205), Norway (144) and the US (142).

However, the organisation warns that small differences in per capita GDP are not, in general, statistically or economically significant.

As a result they divide the countries into four groups.

Along with Luxembourg, the US, Norway and Switzerland (128), Ireland falls into the high income group.

The UK scored 113 and is in the high middle income group along with most of the 15 members of the EU prior to enlargement and Australia and Japan.

Ireland fell into this category when the survey was last carried out, using 1999 data. Its promotion to the top ranks was a "remarkable development" according to the OECD.

Spain, Portugal and Greece are in the low middle income group and are below the OECD average.


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