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Economic growth

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  • 04-01-2008 8:00am
    #1
    Victor
    Registered Users Posts: 78,302 ✭✭✭✭


    Someone came out with a figure I think of 2.1% economic growth in Ireland for 2008. Does this take inflation into account?

    Is that growth in volume or value?

    Potentially with say 3% inflation (capital and consumer), is all growth wiped out?


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    #2
    silverharp
    Registered Users Posts: 17,849 ✭✭✭✭silverharp


    inflation is netted out. Some countries understate their inflation though, the US being a prime example so they overstate growth.

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #3
    eclectichoney
    Closed Accounts Posts: 4,291 ✭✭✭eclectichoney


    Real GDP growth (in volume)


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    #4
    Clytus
    Registered Users Posts: 471 ✭✭Clytus


    silverharp wrote: »
    inflation is netted out. Some countries understate their inflation though, the US being a prime example so they overstate growth.

    I think I heard David Begg say recently that the Gross income of the typical middle american hasnt increased in 8 years..I wonder where he got that nugget of gold?


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    #5
    Hanley
    Banned (with Prison Access) Posts: 21,981 ✭✭✭✭Hanley


    Clytus wrote: »
    I think I heard David Begg say recently that the Gross income of the typical middle american hasnt increased in 8 years..I wonder where he got that nugget of gold?

    Gross income = Real income in this case??

    (Please don't kill me if I'm way off the mark, economics is something that greatly interests me but I'm a relative newb to it!!)


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    #6
    Victor
    Registered Users Posts: 78,302 ✭✭✭✭Victor


    Hanley wrote: »
    Gross income = Real income in this case??

    (Please don't kill me if I'm way off the mark, economics is something that greatly interests me but I'm a relative newb to it!!)
    Gross = big

    Gross income is the 'big income' before deductions, primarily tax.

    Nett income is after tax, etc.


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    #7
    leninbenjamin
    Closed Accounts Posts: 8,983 ✭✭✭leninbenjamin


    Gross is an accounting term really, not an 'economic' one.


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