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17/12/2009
Figures Suggest End Of Recession
The latest figures from the Central Statistics Office show that, technically, the Irish economy has exited its period of recession.
According to the figures published today, Gross Domestic Product (GDP) was shown to have grown slightly during the last three-month period.
Recession is defined by two subsequent three-month periods of falling GDP, but the slight rise now means that this definition no longer applies and that the economy is out of recession.
However, Assistant Director General of the CSO Bill Keating refused to call an end to the recession at a press conference earlier today, pointing out that much of the rise in GDP was attributed to profits from multinationals based in Ireland.
Gross Domestic Product represents the total output of production such as goods and services in the country.
The CSO said the economy shrank at an annual rate of 7.4% in the third quarter, slightly less than the 7.9% drop from April to June.
However, as GDP includes profits made by US multinationals based in Ireland, many economists prefer to focus on Gross National Product (GNP), which only considers the total output of the state's residents.
This showed a quarterly fall of 1.4% and an annual drop of 11.3% in the third quarter.
(DW/KMcA)
According to the figures published today, Gross Domestic Product (GDP) was shown to have grown slightly during the last three-month period.
Recession is defined by two subsequent three-month periods of falling GDP, but the slight rise now means that this definition no longer applies and that the economy is out of recession.
However, Assistant Director General of the CSO Bill Keating refused to call an end to the recession at a press conference earlier today, pointing out that much of the rise in GDP was attributed to profits from multinationals based in Ireland.
Gross Domestic Product represents the total output of production such as goods and services in the country.
The CSO said the economy shrank at an annual rate of 7.4% in the third quarter, slightly less than the 7.9% drop from April to June.
However, as GDP includes profits made by US multinationals based in Ireland, many economists prefer to focus on Gross National Product (GNP), which only considers the total output of the state's residents.
This showed a quarterly fall of 1.4% and an annual drop of 11.3% in the third quarter.
(DW/KMcA)
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The ongoing economic decline has been further underlined by a report by the Central Statistics Office (CSO) showing Irelands GDP has fallen by 1.5%. A report last week revealed Ireland was tottering on edge of recession, and the latest release from the Central Statistics Office has quelled any remaining optimism.
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Ireland WeatherToday:Scattered sleet and snow showers will turn increasingly heavy and more frequent in the afternoon across the north. Largely dry with sunny spells in the south, but showers spreading here towards the end of the day. Maximum temperature 4 °C.Tonight:Frequent, often heavy showers of rain, sleet and snow will affect most parts this evening and overnight, but are likely to be most frequent across the northeast. Minimum temperature -1 °C.
