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Apparently, we're nextIrish gross domestic product (GDP) shrank by 0.5% in the second quarter compared with the previous three-month period, according to data from the Central Statistics Office.
That followed a contraction of 0.3% in the first three months of the year.
The technical definition of a recession is two or more successive quarters in which the economy shrinks.
Earlier this month, the European Commission predicted that the UK, Germany and Spain would also fall into recession before the year is out.
Dubbed the Celtic Tiger during massive growth in the late 1990s, the Irish business sector now faces its most difficult period since high unemployment and emigration hit the 1980s.
The Department of Finance pointed to the crumbling property market and the international credit crunch for the alarming figures.
A Government spokesman said: "As expected, lower levels of new house building had a major restraining influence on growth in the second quarter, as is evident from the very weak investment figures.
"Other factors at work include higher commodity prices, global financial market problems, weak demand in our major trading partners and adverse exchange rate movements."
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Irish economy sinks into recession
Last edited by Fez; 25-09-2008 at 05:57 PM.
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does that include northern ireland?
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but northern ireland is part of the united kingdom, so maybe not
Originally Posted by Purpleness
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25-09-2008, 08:01 PM #6
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No it's not Northan ireland, its being like this for ages its just that it was only conferemed today because they saw that the ecommny droped by loads since the start of the year.
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probably not northern ireland because they're still in the pound, but the republic is in the euro.
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"There is not a liberal America and a conservative America - there is the United States of America. There is not a black America and a white America and latino America and asian America - there's the United States of America."
- Barack Obama
"Minds are like parachutes - they only function when open."- Thomas Dewar
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lol irish
Click the image.
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We will get through it, the Americans have brought out a bail out plan worth $700billion.
Cos everytime we touch, I get this feeling, and everytime we kiss I swear I could fly, can't you feel my heart beat fast, I want this to last, need you by myside
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Oh puh-lease! Originally Posted by Blue.Neon
American doesnt have $700 billion they can just throw away. Thats crazy talk.
They will just have to take out more loans from China etc. so then they will be even more debt. So this achieves nothing.
These are just numbers. In real terms the dollar is worthless :8
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