The paper "Analysis of Irish Economy " is a perfect example of a micro and macroeconomic case study. The Irish economy is one of the most vibrant and fastest-growing economies in the world. In recent years, the Irish economy has been growing at a faster rate than even large economies like China and this has made Ireland become a nation of increased focus for foreign direct investment (Lynch 2016). This report seeks to provide a summary of the Irish economy from 2008 to date in light of its GDP, GNP, employment, and emigration and immigration statistics. GDP Gross domestic product (GDP) is one of the parameters for measuring the status of an economy.
GDP measures the output and income generated by a country’ s economy in any given year. A critical look at the historical figures of Irish GDP indicates that its GDP has been rising and falling from 2008 to today. In 2008, Irish GDP was worth US$274.72 billion. However, the GDP of the country fell to US$235.77 billion and US$221.36 billion in 2009 and 2010 respectively at the height of the global financial crisis that had a biting effect on the Irish economy (ESRI 2017).
In 2011, the GDP recorded significant growth to reach US$240.58 billion. However, the growth was not maintained the following year as the Irish economy fell again in 2012 to US225.82 billion. Subsequently, the Irish GDP has been recording remarkable growth that began in 2013. In 2013, Irish GDP was worth US$239.27 billion and this improved to US$256.27 and US$283.7 billion in 2014 and 2015 respectively (Lynch 2016). GNP The health of the economy of a country is also measured by gross national product (GNP).
GNP is a measure of the total value of services and goods produced by citizens of a country in any particular year. Like GDP, historical data indicates that Irish GNP has been fluctuating from high to low since 2008. In 2008, the Irish GNP was worth € 36.6628 billion and this declined to € 34.3586 billion in 2009 (Asset Macro 2017). The decline in the GNP in 2009 is attributed mainly to the economic downturn that began in the 2007/2008 financial crisis that affected the output of goods and services in Ireland and the rest of Europe.
However, the GNP improved significantly in 2010 as the Irish GNP improved to € 37.0108 billion.
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