Dáil Éireann Debate, Tuesday - 7 July 2020
220. Deputy Ged Nash asked the Minister for Finance his plans to introduce a set of well-being indices to create a well-rounded holistic view of the way in which society here is faring as outlined in the programme for Government; and if he will make a statement on the matter. [14617/20]
Amharc ar fhreagraWell-being is a multidimensional concept which spans economic, social, health, and environmental concerns, amongst others. One of the responsibilities of Government entails monitoring and improving the living standards, or well-being, of the Irish people through a variety of channels.
The limitations of standard economic statistics such as GDP in reflecting the welfare of citizens have been recognised. Indeed in Ireland alternative economic statistics more reflective of the domestic economic situation and how it affects the income of residents have been developed and are published regularly by the CSO. These statistics, such as Modified Gross National Income (GNI*), are forefront in the macroeconomic analysis performed by my Department, and the set of indicators we monitor has been continually expanding.
In addition, policies are currently evaluated in terms of their impacts on the environment, on distributional outcomes, and on gender inequality. Similar factors compose a significant fraction of the well-being metrics of other countries. Through initiatives such as Equality Budgeting and Green Budgeting, the government is working towards making the well-being analysis involved in policy-making more explicit and transparent.
The Programme for Government commits to the development of a cohesive and comprehensive set of well-being measures, and my Department will provide input and support to this process.
As the development of new and better measurements of Irish living standards goes forward, we will continue to monitor and analyse those factors relevant for the well-being of the Irish people and to account for those factors in our decision-making.
