From Poor Economy to the Celtic Tiger
- Analysing statistics
Gross Domestic Product (GDP) measures the value of all the goods and services produced in a country in the course of a year, whereas Gross National Product (GNP) is the value of the goods and services the inhabitants of the country actually consume.
This bar chart shows Ireland’s Gross Domestic Product per Capita in € in the course of 54 years. This information wwas taken from the Total Economy Database, www.ggdc.net .
In 1951, the Gross Domestic Product in Ireland per Capita was about 3.500€ . In the following years one noticeable recognizes the nearly in-line rises of the bars. For 15 years, since 1973, when Ireland became a member of the European Economic Community the increase was almost the same. The 10.000€ -mark was nearly achieved in 1988. The increases per year became bigger and bigger until the growth reached it’s peak with 20.000€ per year in 1999. From that point that growth of Ireland’s Gross Domestic Product per Capita in € weakened a little and reached 26.500€ in 2005.
Generally one obviously sees the steady increase of the per Capita’s Gross Domestic Product. In 54 years that measure has almost multiplied by 9 from only 3.500€ to ca 26.500€. The economic conditions improved enormously.
In this bar chat Ireland’s Economic Growth is compared with the European’s and the United State’s Economic Growth in the time of 1970 to 2004 by using the Average Annual Rate of Real Gross Domestic Products Growth. These average data were visualized in percentage figures in four periods each with 3 bars.( 1970-1979 ; 1980-187 ; 1988-1993 ; 1994-2004 ).The source is the Ireland Central Statistic Office and Organisation for Economic Co-Operation and Development, Economic Outlook.
The first period from 1970 to 1979 Europe reveals about a little more than 3 % whereas the United States were at 3.5% and Ireland’s Average Annual Rate of Real Gross Domestic Products was the highest with nearly 5 %. In the time of 1980-1987 the Economic Growth of each attendant fell drastically. The values of nearly 2% in Europe over 2.5% in the United States to 3% in Ireland were available. In the space of time from 1988 to 1993 Europe’s Average Annual Rate of Real Gross Domestic Product Growth increased to 2.2% while the rate of the United States dropped to about 2.5%. In Contrast, Ireland’s Growth enormously rose to 4.6%. The last period from 1994 to 2004 demonstrates the huge development of Ireland’s Economic Situation which is proved with 7.6% whereas Euope’s growth stood the same and the United State’s Average Annual Rate of Real Gross Domestic Product Growth increased to 3.1%.
Indeed, Ireland’s economic improvement is obviously shown by that comparison. The Irish Annual Average Rate of Real Gross Domestic Product Growth rosefrom 4.9% to 7.6% in the period of 34 years while Europe and the United States made a deficit.
In this line-graph the development of the Gross Domestic Product per Capita and the Gross National Product per Capita in € is illustrated in the space of time of 1985 to 2002. The values were taken from the Central Statistic Office.
At the beginning the Gross Domestic Product per Capita was about 9.000€ while the Gross National Product per Capita reached the 8.500€-mark. This difference in the increase between both measures nearly did not change for six years. The growth weakened in about 1991 when the Gross Domestic Product per Capita was up to the mark 12.000€ and the Gross National Product per Capita 11.000€. Followed by a strengthened increase the High Growth Years from 1995 to 2000 demonstrated an enormous rise when the Gross Domestic Product per Capita was 22.000€ and the Gross National Product per Capita 18.000€. Both measures’ growth weakened but the Gross National Product per Capita’s steady increase was lower. In 2002 the 24.000€-mark was reached by the Gross Domestic Product per Capita whereas the Gross National Product per Capita was 19.500€.
As a conclusion, one can state a continuous rise of both the Gross Domestic Product per Capita and the Gross National Product per Capita. In the course of 17 years both measures have more than tripled. Apart from that the difference between both obviously enlarged from about 500€ at the beginning to 4.000€ in year 2000. An economic boom took place.