Honohan highlights falling income disparities

There was a 24% decrease in average income in the bottom 10% and a 6% increase in income in the top 10% of Irish society during 2009 and 2010, according to the governor of the Central Bank Patrick Honohan.

“While average income fell by roughly the same percentage in the intermediate deciles, the statistics show a remarkable disparity at the top and the bottom. The average income at the bottom decile fell by about 24% in 2009-10, while the top decile (10%) increased by about 6%. Wow.”

But he said the figures conceal underlying trends. There was a sharp increase — from 8% to 15% — in the number of unemployed people in the bottom 10% over this timeframe. These people would have seen a significant shift in living standards.