National Income


National income measures the total income earned by individuals and businesses in a country over a period of time.


KEYWORDS


It shows the overall level of economic activity in a country and helps us understand changes in the living standards of individuals in a country.


How is National Income measured in Ireland?


National income is measured using: ґ GDP (Gross Domestic Product) – the total value of goods and services produced within Ireland in a given period.


ґ GNP (Gross National Product) – GDP plus income earned by Irish companies abroad, minus income earned in Ireland by foreign-owned companies in a given period.


In Ireland’s case, GDP can sometimes appear very high due to the large number of multinational companies operating here. Ireland often uses a different measure called GNI* (Modified Gross National Income) that adjusts for the impact of multinational companies. This gives a more accurate picture of income generated within the Irish economy.


Why is measuring National Income useful?


Measuring national income every year helps us to:


ґ Compare Ireland’s economic performance over time


ґ Compare Ireland with other countries


ґ See if there are improvements in living standards in Ireland


ґ Plan government expenditure based on forecasted tax revenue


National income is often shown per capita (per person), which allows fair comparisons between countries with different population sizes. The EU average GDP per capita was approximately €40,000 in 2025, with Ireland and Luxembourg well above the average.


An increase in National Income is a good trend, a decrease in National Income is a bad trend.


Estimated figures are given here to compare Ireland against other European countries and the EU average.


400 2


STRAND 3


CHAPTER 35:


Economic indicators


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