Cocaine and hookers now make up part of our official GDP

My name is URL

Payments to prostitutes and the money made from drug deals are to be included in the official record of the wealth generated by the country each year.


The move follows on from Britain and Italy adding illegal activity to their national figures for economic activity.



The CSO confirmed that the gross domestic product figures it will release at the end of June will be higher as a result of the inclusion of what the EU describes as “production forbidden by law, eg, prostitution and production of drugs”.



The CSO said it had been in consultation with An Garda Síochána to estimate how best to quantify the levels of activity in these areas.

http://www.irishexaminer.com/ireland/drugs-money-to-form-part-of-gdp-270571.html

Does this make sense or is it just a way to massage figures and make the country seem better off than it actually is?

The Gardai don't exactly come up with realistic figures when it comes to putting a value on drugs they seize. Seems an odd decision to me.

Kylo Ren

Can I write coke and hookers off as a business expense now?

My name is URL

Keno wrote: »

Can I write coke and hookers off as a business expense now?

Or if you're arrested can you now claim to be doing your bit to help the economy?

Well if we're basing it off what the Gardai say drugs are worth then our debt/GDP level is going to be tiny.

wazky

[Deleted User] wrote: »

Well if we're basing it off what the Gardai say drugs are worth then our debt/GDP level is going to be tiny.

'We confiscated a gram of cannabis this afternoon, this is a major blow to organised crime with the drugs having an estimated street value of five hundred thousand euro.'

smileyj1987

[Deleted User] wrote: »

Well if we're basing it off what the Gardai say drugs are worth then our debt/GDP level is going to be tiny.

They arrest someone for having 100 worth of hash and make him sound like a drug lord .

oppenheimer1

My name is URL wrote: »

http://www.irishexaminer.com/ireland/drugs-money-to-form-part-of-gdp-270571.html

Does this make sense or is it just a way to massage figures and make the country seem better off than it actually is?

The Gardai don't exactly come up with realistic figures when it comes to putting a value on drugs they seize. Seems an odd decision to me.

Illegal activity is still economic activity. It could increase the size of the economy by about 5℅ of not more. It improves the debt to GDP ratio, and when we have such high debt levels of every little helps.

It's just window dressing since the market already prices this in. And since it isn't taxed it doesn't make the governments position easier.

Tardful Slakerly

Sometimes I consider that I'm living too tame a life at the moment.

Santa Cruz

Keno wrote: »

Can I write coke and hookers off as a business expense now?

Expenditure on hookers is taxed at the point of entry

kwestfan08

Ireland. Turning the corner one gram and hand shandy at a time.

kowloon

My name is URL wrote: »

The Gardai don't exactly come up with realistic figures when it comes to putting a value on drugs they seize. Seems an odd decision to me.

I heard they cut it with Odlums Self Raising.

Fred Swanson

This post has been deleted.

harry Bailey esq

wazky wrote: »

'We confiscated a gram of cannabis this afternoon, this is a major blow to organised crime with the drugs having an estimated street value of five hundred thousand euro.'

to be fair,the fuzz are a bit more realistic with street value than in years past.For example,if a kilo of green is found they Will put a figure of 18-20k street value on it,if the whole lot is broken down into 50 bags,its fairly accurate.On a kilo of sniff they value it at 70k,€70 a gram,also pretty accurate.btw,i smoke weed daily,and occasionally take cocaine,and those figures are fairly accurate.

Santa Cruz

harry Bailey esq wrote: »

to be fair,the fuzz are a bit more realistic with street value than in years past.For example,if a kilo of green is found they Will put a figure of 18-20k street value on it,if the whole lot is broken down into 50 bags,its fairly accurate.On a kilo of sniff they value it at 70k,€70 a gram,also pretty accurate.btw,i smoke weed daily,and occasionally take cocaine,and those figures are fairly accurate.

I was thinking you are a gob****e allright. But you're cool and that what really matters. Gob****e


Mod: Banned.

Frank Lee Midere

This makes a bit of sense but let's not be fooled by any GDP increases forthcoming because of it. We should retrospectively up all GDP in the last few years to compensate for the new stats.

harry Bailey esq

Santa Cruz wrote: »

I was thinking you are a gob****e allright. But you're cool and that what really matters. Gob****e

well i won't attack the poster,just the post,i think it might be in the charter somewhere... But a gram of sniff will set you back 70quid,3ish grams of weed costs 50quid.Unless you happen to be a drug dealer/importer,then obviously you wouldn't pay so much. Im neither,nor are 99% of the smokers in the country,are you?That's how much drugs cost to the average Joe.If you don't know what your talking about don't bother posting.Some people enjoy taking drugs recreationally,others get their kicks from trolling it would seem,but each to their own i say.Bye now :rolleyes:

My name is URL

Frank Lee Midere wrote: »

This makes a bit of sense but let's not be fooled by any GDP increases forthcoming because of it. We should retrospectively up all GDP in the last few years to compensate for the new stats.

But isn't it all speculative? They'd be working under the assumption that every cent earned through the sale of drugs and procurement of prostitutes would make itself into the 'real' economy =/

That's not to mention the fact that it would all be guestimates made by gardai. How does it make sense to do it in this way?

jimgoose

'Bout sodding time. We in da Red-Light district.

Keno wrote: »

Can I write coke and hookers off as a business expense now?

I was unaware that there was a problem with this??

harry Bailey esq

jimgoose wrote: »

'Bout sodding time. We in da Red-Light district.



I was unaware that there was a problem with this??

allegedly it was commonplace for bankers and brokers in London in the eighties,coke and hookers were written off as entertaining potential clients to secure new contracts.id imagine it probably still does to this day.

Frank Lee Midere

harry Bailey esq wrote: »

allegedly it was commonplace for bankers and brokers in London in the eighties,coke and hookers were written off as entertaining potential clients to secure new contracts.id imagine it probably still does to this day.

Well they can expense "entertainment" for clients. It didn't make cocaine use legal.