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Central Statistics Office

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Economy

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A decrease in the level of average debt per household has a positive influence on well-being.

Year
2011108400
2012103600
201399600
201493900
201587900

Performance of indicator:

The average household debt was €108,400 in 2011. This fell to €103,600 in 2012, and has continued to fall year-on-year since. The average household debt in 2015 was €87,900.

Justification of indicator:

High levels of debt can restrict a household’s access to some material goods and services, which can have a negative effect on wellbeing. They can restrict access to services such as health and education, both of which are linked closely to wellbeing levels. High levels of debt can contribute to increased stress levels.

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An increase in the level of modified GNI* per capita has a positive influence on well-being.

Year
200738526
200835756
200930547
201029119
201128704
201229966
201330989
201433249
201536878
201639911

Performance of indicator:

GNI* at current market prices per capita has been steadily increasing since 2011, when it was at its lowest point over the past decade. Prior to 2010, there were year-on-year decreases from 2007. At €39,911 GNI* per capita is now higher than the 2007 value of €38,526.

Justification of indicator:

The overall size of an economy is an important indicator. A recommendation of the expert group convened by the CSO [further information is available here] was the development of a supplementary indicator to GDP resulting in GNI*. It was designed to remove the impact of globalisation activities that disproportionately affect Irish economic statistics and promote better insight into the domestic Irish economy. It is linked to the individual by looking at the per capita level, which takes changes in population into account.

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An increase in the level of average annual earnings per person has a positive influence on well-being.

Year
200836792
200936834
201036231
201135915
201236145
201335976
201436090
201536519
201636919

Performance of Indicator:

The average annual earnings in 2016 were €36,919 per person. This figure has been increasing since 2013 when the figure was €35,976. The 2016 average is the highest it has been since before the recession beginning in 2008.[1]

Justification of indicator:

Higher earnings allow individuals to purchase goods and services which contribute to overall wellbeing. These goods and services may include health and educational goods which have a positive influence on well-being.

[1] The average includes employees based in enterprises and excludes the sectors of agriculture, forestry and fishing, and activities of households as employers.

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The Consumer Price Index can have a positive or negative influence on well-being, dependant on the broader condition of the economy. 

 

Year
200797.3
2008101.2
200996.7
201095.8
201198.3
201299.9
2013100.4
2014100.6
2015100.3
2016100.3

Performance of indicator:

The official measure of inflation, the Consumer Price Index, has remained relatively constant since 2013 at approximately 100.3 (2016=100). The index was at its lowest in 2010 when it was 95.8 and highest in 2008 at 101.2.

Justification of indicator:

The Consumer Price Index is designed to measure the change in the average level of prices (inclusive of all indirect taxes) paid for consumer goods and services by all private and institutional households in the country and by foreign tourists holidaying in Ireland. It is the official figure for inflation in Ireland, and is an important measure to include in any set of well-being indicators as it is a key economic indicator. Traditionally maintaining low inflation levels is one of the primary macroeconomic objectives of a government.

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