Recession in Ireland

26^th March 2012

The Irish economy contracted by 0.2% in the fourth quarter of 2011 thereby taking the country back into recession after a third consecutive negative quarter according to official figures published on 22nd March. Over all of 2011 the country did however regiester growth of +0.7% thanks to a promising start to the year said the Irish Central Statistics Office. The GDP had contracted during the three years prior to this. The GDP contracted by 0.2% in the fourth quarter, after -1.1% in the third quarter, according to a revised CSO figure. Hence the country technically returned into recession, this being typified by a GDP contraction for at least two consecutive quarters.

Read