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30/06/2008
GDP Down 1.5% In First Quarter
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.
Ireland's gross domestic product has retracted due to a fall in the level of consumer spending and capital investment, brought on by the seizing up of the construction sector.
However, the GNP, which takes into account profits from foreign owned enterprises amongst other elements, has gone up by 0.8% compared with the same period last year.
A similar mixed bag of news comes from the CSO's figures on industry output. According to the report, the volume of industry output fell by 5.2% compared to 2007. One of industries largest sectors, construction, was mainly to blame for this increase dropping by 16.4%, while Distribtion, Transport and Communications rose by 0.6% and 'Other Services' rose by 4.5%.
But the ongoing crises in the housing sector continues to pressure the economy with the report showing the growth in mortgage lending is down to its lowest rate for 16 years.
(DW)
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.
Ireland's gross domestic product has retracted due to a fall in the level of consumer spending and capital investment, brought on by the seizing up of the construction sector.
However, the GNP, which takes into account profits from foreign owned enterprises amongst other elements, has gone up by 0.8% compared with the same period last year.
A similar mixed bag of news comes from the CSO's figures on industry output. According to the report, the volume of industry output fell by 5.2% compared to 2007. One of industries largest sectors, construction, was mainly to blame for this increase dropping by 16.4%, while Distribtion, Transport and Communications rose by 0.6% and 'Other Services' rose by 4.5%.
But the ongoing crises in the housing sector continues to pressure the economy with the report showing the growth in mortgage lending is down to its lowest rate for 16 years.
(DW)
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17 November 2009
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Search Operation Resumes For Man Feared To Have Fallen Into The Sea
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Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
