The pricey isle? How standard of living in Ireland compares with EU

Smart Money: Headline GDP figures suggest that Irish people are well-off but are we?

Headline GDP figures tend to suggest that Irish people are well off. Gross Domestic Product per head figures in Ireland are second only on the EU list to famously high-income Luxembourg. But international comparisons using Irish GDP data are meaningless.

The figures per head here is more than twice the EU average. But new data from the EU statistics agency, Eurostat, shows that rather than being near the top of the EU league, Irish households are 13th out of the EU 27, 6 per cent below the EU average, in terms of a measure of the goods and services which their incomes buy. Here’s why:

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