In the following analysis, the given source will be examined and interpreted by the means of an appropriate working method and background knowledge.
In this visualisation which can be found on economist.com, alternatively taken from the Central Statistic Office Ireland or from the Central Bank of Ireland, the gross domestic product (GDP) as well as the gross national product (GNP) of Ireland are depicted in percental change according to the years of 1985 until the forecast of 2010. The gross national product is described by the line graph whereas the bar chart shows the course of the gross domestic product. Since both aspects are closely connected to each other, the course of theirs are rather similar so the differences are not considerable. Hence, the description below refers to both of them.
In 1985, no change of the GNP/GDP is remarkable. In the following years, one generally recognizes an increase of the GNP’s/GDP’s change up to 6,5% in Ireland until it declines to 0% in 1995. Within that period of time, the growth is not steady but inconstant. That means that the GNP’s/GDP’s change rose from 1985 till 1987 from 0% to 4% and drops to 2 % in the following year. It reaches its next peak of 6,5% change in the subsequent 3 years, in 1990. Fallen by 4,5% to 2% again in 1991, a barely rise to 3% in 1993 and a rapid one to 6,5% in 1994 is obvious before it reaches its low points of 0% in 1995.
In the years of 1995 to 2006 , a significant and rapid change to 10% is noticeable which drops to 6,5%. From 1995 to 1996, the GNP’s/GDP’s change goes through a sudden increase from 0% to 8%. In 1997, the change increases by 2% to 10% and drops at the same rate to 8% in the subsequent year 1998 which is followed by the peak of 10% in 2000. It falls sharply to 3% within 2 years, in 2002 but in 2003, it rises again to 6,5% . One year later, it falls to 4% and increases in 2 years to 6,5%.
From 2007 to 2010 (forecast), a steep decrease to the low point of -11% in 2009 is considerable which weakens to -2% in 2010.
With the help of background knowledge, this course of GNP’s/GDP’s change will be explained. The GNP/GDP shows indirectly the prosperity of a country so does it in this case. Since only its changes are depicted in that visualisation, the annual progress can be seen.
From 1985 until 1995 everything is normal but the short depression symbolizes the cause for the decrease in the latter half of that period. Reason for the increase of GNP’s/GDP’s change in the approximately following 11 years till 2006 is the Celtic Tiger, which represents an economic boom in Ireland. This economic development is based on several factors which mainly are the capital investment, the immigration, the lower labour costs, the pro business government and the membership in the European Union. Closely connected to this success are in general advanced prosperity and less poverty. The role of Ireland during the Lisbon Treaty may throw a bad light on its reputation probably causing the decrease in 2000. Aspects which lead to the drastic fall of the GNP’s/GDP’s change into the negative area, so the economic bust, are the excessive oil prices,the financial crisis, the liquidation, the inflation and the inappropriate dealing with money. The forecast of the year 2010 shows the data stabilizing its economy by approaching 0% change.