Ireland’s GDP figures highlights two-tier economy

09 March 2021
  • Steep drop in GDP figures shows State’s overreliance on multinational sector
  • Gap between headline GDP data and domestic economy performance continues to widen
  • Government should support Labour’s Measuring Quality of Life Bill to address GDP shortcomings as a measurement of performance

In response to economic performance data that showed Ireland experienced the steepest quarterly economic contraction in the EU in the last quarter of last year, Labour finance spokesperson Deputy Ged Nash said:

“The Government continues to pay lip service to building a better Ireland, issuing yet more press releases on ‘equality budgeting’ while we have an enormous rate of youth unemployment, delays in social housing being built, a childcare system that does not work and a two-tier health service where those who can buy healthcare up are tended to first.

“The GDP figures released today must be a wakeup call for this Government. Rampant inequalities in our economy are deepening, and the gap between headline GDP data and the reality of life in the domestic economy continues to widen.

“Labour has proposed a Quality of Life Bill that would take a more holistic and realistic approach to economic performance in this country. It would incorporate both social and environmental metrics, new wellbeing indicators and accurately measure income and wealth inequality to help policy makers target resources to where they are needed most.

“We are at an inflection point in our history. We now have the opportunity to chart a new course for our country and create a new social contract for all our citizens. A government commitment to support Labour’s Measuring Quality of Life Bill 2020 would be a vital first-step and a recognition that we cannot go back to the old, failed ways of doing things.”

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