Ireland back in recession as global slowdown hits exports( “You Must Be Kidding!!, We Never Left ”)
GDP fell 0.2% in the final quarter of last year to put Ireland officially into recession, alongside Belgium, the Netherlands, Italy, Portugal and Greece
Ireland ended last year in recession, according to figures released on Thursday, dealing a blow to the policy of economic austerity being forced on struggling eurozone countries by the European commission and the IMF.
A dip of 0.2% in GDP in the last quarter of 2011 followed a steep fall in the third quarter, after an export drive was undermined by the slowdown in global demand. A recession is defined as two consecutive quarters of economic contraction.
Ireland, which had become a poster child for austerity when its economy pulled out of its nosedive earlier last year, joins fellow eurozone countries Belgium, the Netherlands, Italy, Portugal and Greece in recession.
The Irish finance minister, Michael Noonan, promised a swift recovery last year after record export figures appeared to show foreign trade would galvanise the economy, which had to be bailed out with €90bn by the European commission, IMF and European Central Bank in December 2010. However, the euro crisis and a slowdown in some key export markets dampened demand for Irish goods.
Read More : The Guardian
yeah.. you better believe it.. i have been on the dole since the panic of 08..
i know this enda kenny and some of his cronies. they havent a clue on what reality is These guys are completely insulated by their huge salaries and silver spoon upbringing. Anyone who belives the shite they talk need only look around their own community. The only decent paid jobs are in the civil service and conditions for newcomers have changed drastically No security of employment only short contracts Not so for our tds Its time for complete change I am as mad as hell Our youth seem to have fell asleep no fight in them until they are out of their heads on drink we have to wake up and take to the streets on mass and show thase bastards that we wont take their shite policies
GNP is a more accurate way to measure Ireland’s economic performance, because it’s what’s left over after the foreign nationals repatriate their profits. When you look at the GNP figures over the year they have been a disaster and getting worse.
Politicians and presstitutes like to spin it the best way they can. Spin just simply means at best not telling the full truth and at worse deliberately misleading you.