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