Oireachtas Joint and Select Committees

Thursday, 19 April 2018

Public Accounts Committee

Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council

9:00 am

Mr. John McCarthy:

A couple of metrics are used to calculate this. One is the level of GNI*, which has been discussed before. It is like GNP, it is not distorted as much as GDP. The level of GNI* goes in and there is a complex calculation which relates to harmonised VAT to calculate our contribution, but that is a much smaller input into the overall formula. GNI* per capita is the most important metric, which is an indication of how wealthy each individual is. We put a lot in whereas some of the less wealthy eastern European companies would put in less.

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