Menu
25/09/2008
It's Official - Ireland Is In Recession
After months of finding other ways to describe the country's monetary situation, such as 'financial downturn', 'economic troubles', and 'market difficulties', the Irish Republic's government now faces recession.
Ireland's economy now officially fulfils the criteria for a recession - defined as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales," by the National Bureau of Economic Research.
The Central Statistics Office reported on Thursday that gross domestic product (GDP) had contracted by 0.5% in the three months to the end of June, fitting the bill for a true recession.
It is the first time Ireland has experienced a recession since 1983, and although it is early days, few forsee a quick recovery.
There is growing speculation that the US economy is headed in the same direction with such a situation across the Atlantic likely to spell further economic difficulties for the Irish government.
Representing 21% of the world's economy, a US economic contraction can have a devastating effect on all European economies.
So far this year, a number of European countries have fallen into the financial depression including, Denmark, Estonia, Latvia and Sweden, with the UK and Spain expected to be declaring a recession by the end of the year, with France and Italy expecting 0% growth over the same period.
(DW)
Ireland's economy now officially fulfils the criteria for a recession - defined as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales," by the National Bureau of Economic Research.
The Central Statistics Office reported on Thursday that gross domestic product (GDP) had contracted by 0.5% in the three months to the end of June, fitting the bill for a true recession.
It is the first time Ireland has experienced a recession since 1983, and although it is early days, few forsee a quick recovery.
There is growing speculation that the US economy is headed in the same direction with such a situation across the Atlantic likely to spell further economic difficulties for the Irish government.
Representing 21% of the world's economy, a US economic contraction can have a devastating effect on all European economies.
So far this year, a number of European countries have fallen into the financial depression including, Denmark, Estonia, Latvia and Sweden, with the UK and Spain expected to be declaring a recession by the end of the year, with France and Italy expecting 0% growth over the same period.
(DW)
Related Northern Ireland News Stories
Click here for the latest headlines.
20 September 2002
Sustainable development does not mean 'sacrificing economic progress'
Recognising the importance of sustainable development does not mean sacrificing economic progress, the First and Deputy First Ministers said today.
Sustainable development does not mean 'sacrificing economic progress'
Recognising the importance of sustainable development does not mean sacrificing economic progress, the First and Deputy First Ministers said today.
13 January 2004
NI Economic Research Institute swings into operation
The new Economic Research Institute will play an important role in contributing to economic debate and understanding in Northern Ireland and in the development of the local economy", according to Ian Pearson Parliamentary Under-Secretary of State.
NI Economic Research Institute swings into operation
The new Economic Research Institute will play an important role in contributing to economic debate and understanding in Northern Ireland and in the development of the local economy", according to Ian Pearson Parliamentary Under-Secretary of State.
26 January 2007
Minister unveils plan to transform NI economy
The Finance Minister David Hanson has today launched the Northern Ireland Regional Economic Strategy for public consultation.
Minister unveils plan to transform NI economy
The Finance Minister David Hanson has today launched the Northern Ireland Regional Economic Strategy for public consultation.
11 February 2009
NI Unemployment Up 6% Last Month
A further 2,200 people were made redundant in the Province last month, according to government figures published today. The 6.1% increase in unemployment was similar to that experienced in December, when 2,100 individuals lost their jobs. Northern Ireland fell below the UK average for jobs losses in January, which stood at 6.4%.
NI Unemployment Up 6% Last Month
A further 2,200 people were made redundant in the Province last month, according to government figures published today. The 6.1% increase in unemployment was similar to that experienced in December, when 2,100 individuals lost their jobs. Northern Ireland fell below the UK average for jobs losses in January, which stood at 6.4%.
30 January 2009
Minister Aims To Speed Up Procurement
The procurement process for public sector contracts is expected to speed up, under proposals unveiled by the Northern Ireland Finance Minister today. Nigel Dodds (pictured) said he has instructed officials to work on shortening the lag time between procuring a project and awarding it to a tenderer.
Minister Aims To Speed Up Procurement
The procurement process for public sector contracts is expected to speed up, under proposals unveiled by the Northern Ireland Finance Minister today. Nigel Dodds (pictured) said he has instructed officials to work on shortening the lag time between procuring a project and awarding it to a tenderer.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
