DUBLIN HAS FALLEN from 12th to 198th in a major global study tracking the economic performance of 200 cities around the world.
The dramatic drop was due to decreases in both income and employment levels in Dublin, the only Irish city covered in the study by an influential US think-tank. The research covered the period between 2010 and 2011.
During that time income growth rates in Dublin dropped by 0.3 per cent and employment growth rates dropped by 3 per cent.
The only cities ranked lower than Dublin on the list were, unsurprisingly, Lisbon and Athens. Many western European countries did badly in the rankings, which saw Shanghai, Riyadh and Jiddah topping the list.
The 0.3 per cent drop in income growth rate in 2010-2011 is especially stark given that Dublin saw a gain of 5.6 per cent between 1993 and 2007.
Paradoxically Dublin ranked 14th overall for GDP per capita, behind cities including Washington DC, Stockholm, Zurich, Abu Dhabi and New York.
Dublin’s GDP per capita was estimated to be over $55,000 (around €41,000) in 2011. Hartford in Connecticut topped the list at $75,086 (around €55,000).
The study of the world’s largest cities called the Global MetroMonitor 2011 was carried out by the Brookings Institution, one of the oldest think-thanks in America.
The study used a mixture of GDP, employment, population, and income to assess the economic performance of metropolitan areas.
The research noted the ‘poor national and regional macroeconomic conditions’ which had led to the decline in the Dublin economy.