AIB expert spells out a success story for Ireland
Thursday 27th October 2011, 3:00PM BST.
Oliver Mangan addresses the audience at the Pomme d’Or
THE Irish economy is fighting back and looks set to outstrip growth in most of Europe, an audience of finance professionals has heard.
The news came from Oliver Mangan, a member of AIB’s global treasury team, when he spoke at the Pomme d’Or Hotel.
Mr Mangan said that the Gross Domestic Product in Ireland had risen by 1.9% in the first quarter of the year and by 1.6% in the second quarter, after a fall of 0.4% in 2010. And the key to what would appear to be recovery in the country was an improvement in performance of the export sector.
He said: ‘Ireland is a small but very open economy and exports equated to 96% of GDP last year.
Exports rose by 3.1% in the first three months of 2011 and by 1% in the second quarter, and the balance of payments moved into surplus in 2010, for the first time since 1999.’
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Conveniently forgetting that the Republic of Ireland gets significant net transfer payments from the EU per Capita. An economy whose total GDP is less than the county of Surrey. Also like Jersey, Ireland has a significant impact by reducing the tax base of other European countries due to questionable tax practices. Google (motto”do no evil”)manages to reduce its tax on UK sourced net profits to only 2.5% via some nifty slight of hand using the Republic as its tax base.
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Actually Sally Google’s European HQ is located in Dublin with a significant presence, not just a registered name for “tax base” purposes. Of course the 12.5% corporate tax rate sweetened the deal but Ireland boasts a world class education system, a competitive fiscal set up and reliable infrastructure. Furthermore comparing a county who’s fortunes are largely secured by its neighbour London isn’t entirely fair. Ireland is a country of 6 million people whilst the population of the London metropolitan area plus Surrey is over 15 million. What is more worrying is Ireland’s reliance on exports. Essentially the fragile world economy will decide if Ireland continues to see net GDP increasing. Nevertheless prospects for the country are far more promising than Portugal or certainly Greece.
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Hahaha, yes – a great success!! Just look at how your property prices have dropped, how much debt your country has and how there are no jobs for young people starting out…a great success.
Europe – gave them a credit card, they maxed it out, we paid it off for them, they max it out again, we pay 50% off for them again…and they still can’t even afford to pay the interest.
The euro is a time bomb waiting to happen…
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Jambo – what exactly are you on about?
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Yes a beggar in India who earns £1 a day finds 50p and bingo his earnings have “grown” by 50 per cent.
Marvellous AIB and what were your reported losses recently?
Why give AIB and such banks air time?
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