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Irish Leprechaun Thread

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http://uk.reuters.com/article/2015/01/05/uk-ireland-economy-tax-idUKKBN0KE1K220150105

Ireland's tax take was 3.1 percent above target in 2014 as government spending, while falling, ended the year 2 percent above profile following a jump in the health and capital budgets in December, data showed on Monday.

A nine percent year-on-year rise in tax revenue together with quickly recovering economic growth allowed the government to bring an end to austerity in October's budget for 2015 and cut the rate of income tax for the first time in seven years.

Ireland's budget shortfall, which ballooned during the country's financial crisis, fell to a still-high 8.2 billion euros (6 billion pounds) from 11.5 billion at the same time last year, the Finance Ministry said in a statement.

http://uk.reuters.com/article/2015/01/05/uk-ireland-economy-deficit-idUKKBN0KE1E920150105

Ireland's budget deficit is likely to have fallen by less than expected in 2014, a finance ministry official said on Monday, as a jump in year-end government spending prompted some concern that fiscal discipline may be slipping.

Dublin emerged from an EU/IMF bailout just over a year ago after a seven-year austerity drive, which has helped restore investor confidence but took some 30 billion euros (23 billion pounds), or about 20 percent of annual output, out of the economy.

Ireland's deficit fell to around 4 percent of gross domestic product at the end of 2014, John Palmer, a principal officer at the department of finance said, down from 7.2 percent a year earlier and comfortably beating an original target of 5.1 percent. But it was higher than the most recent forecast of 3.7 percent in October.

So taxes up, but not enough to ensure tax revenues ensured the deficit forecast would be met. What's Ireland's current debt/GDP ratio?

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Sorry why call the thread title that?

http://en.wikipedia.org/wiki/Leprechaun

A leprechaun (Irish: leipreachán) is a type of fairy in Irish folklore, usually taking the form of an old man, clad in a red or green coat, who enjoys partaking in mischief. Like other fairy creatures, leprechauns have been linked to the Tuatha Dé Danann of Irish mythology.[1] The Leprechauns spend all their time busily making shoes, and store away all their coins in a hidden pot of gold at the end of the rainbow. If ever captured by a human, the Leprechaun has the magical power to grant three wishes in exchange for their release

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Whatever their problems Ireland's GDP per Capita is well higher than the UK's - and it's had very low inflation and indeed a lengthy period of deflation in the last 5 years.

http://

www.tradingeconomics.com/ireland/inflation-cpi


http://

en.wikipedia.org/wiki/List_of_countries_by_GDP_%28PPP%29_per_capita

Edited by billybong

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The big problem is the massive debt burden thanks to the corrupt, stupid Irish government engaging in one of the most enthusiastic and wide-ranging bailouts of banks and property developers anywhere in the Western World.

The only reason why Ireland is doing so well right now is because of the enforced fiscal discipline of being a part of the Eurozone and essentially not having control over their own currency, thus preventing them from following the example of the US and UK of trying to print their way out of trouble. A lot of bad investments had to be liquidated (though as I mentioned before, the big property developers were bailed out with public money/debt) and this has culled the unprofitable and encouraged new, more productive, investment.

Even then, thanks to super-low interest rates there's yet another housing boom underway in Dublin, not even 8 years after the last one popped in spectacular fashion. People never learn.

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The big problem is the massive debt burden thanks to the corrupt, stupid Irish government engaging in one of the most enthusiastic and wide-ranging bailouts of banks and property developers anywhere in the Western World.......................................

...similar to our Labour Government and Brown who wrecked our country.......the problem is the Tories are encouraging another bubble for the lead in to the 2015 election ....time to teach them both a lesson...at the ballot box...there is no place for the inept, in Government ..... :rolleyes:

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