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Personal Finance

Susuana Olatunji Komolafe

Last Saturday, the National Bureau of Statistics released GDP Q3 2020 numbers. GDP means Gross Domestic Product, the monetary value of the goods and services produced within a country.

What is Ireland GDP?

  • Ireland GDP The Gross Domestic Product (GDP) in Ireland was worth 375.90 billion US dollars in 2018. The GDP value of Ireland represents 0.61 percent of the world economy. GDP in Ireland averaged 92.78 USD Billion from 1960 until 2018, reaching an all time high of 375.90 USD Billion in 2018 and a record low of 1.94 USD Billion in 1960. Gross Domestic Product of Ireland fell 6.1 in the second quarter of 2020 compared to the previous quarter. This rate is 40 -tenths of one percent less than in the previous quarter, when changed -2.1%. The year-on-year change in GDP was -3.7%, 81 -tenths of one percent less than the 4.4% recorded in the first quarter of 2020.

What you need to know about GDP?

GDP numbers are a means of measuring growth in an economy. If an economy is growing, the GDP numbers should reflect that. If the growth contracts, that should reflect in GDP numbers as well. It is by no means a perfect way of measuring. Growth can often be unequal with the upper 1% benefiting from most of it.

The big elephant in the room is COVID-19. While lockdowns is yet to be eased, it takes a while for things to get back. What are you doing about your own personal finance?

Why Is This Such a Topical Issue You Might Wonder?

A recession means things become challenging for both companies and individuals. Lower demand for goods and services means companies will either have to lay off workers or slash salaries. That in turn means these workers have less money in their pockets, which means they buy fewer goods and services. So it is a kind of vicious cycle. Take a step

At the moment though, where should one invest? Yourself!!

The most obvious place would be in essential sectors but note it will be a quick money while it last. While they may have taken a beating like others, they tend to bounce back faster. Two key sectors one could consider are agriculture and telecommunications. Remember not to place all your bets in one place. You can diversify across sectors as well as countries. Investing is a marathon, not a sprint. Ponzi schemes have become quite popular in times like this. Resist the temptation to invest in things that are dodgy and things you do not understand. Even if the returns are lucrative. Think Africa

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