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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 Government now faces the fearsome word – 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 on the trough, many predict a small gradient for 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 on the trough, many predict a small gradient for 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)
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08 August 2012
Survey Finds Increases In Unpaid Overtime
The number of Irish employees taking on unpaid overtime in a bid to cope with increasing workloads has increased, according to a new survey. Peninsula Ireland questioned 934 employees and found that 67 per cent said they worked additional hours on occasion at evenings and on weekends. That is an increase from 58% recorded in 2011.
Survey Finds Increases In Unpaid Overtime
The number of Irish employees taking on unpaid overtime in a bid to cope with increasing workloads has increased, according to a new survey. Peninsula Ireland questioned 934 employees and found that 67 per cent said they worked additional hours on occasion at evenings and on weekends. That is an increase from 58% recorded in 2011.
24 June 2008
Ireland To Plunge Into Recession - Starting Now
A recent economic survey is warning Ireland's economy could be facing its first recession since 1983. The latest review by the Economic and Social Research Institute (ESRI) has predicted the national economy will slump by 0.4% on last year, as the housing sector along with customer spending continues to drag its heels.
Ireland To Plunge Into Recession - Starting Now
A recent economic survey is warning Ireland's economy could be facing its first recession since 1983. The latest review by the Economic and Social Research Institute (ESRI) has predicted the national economy will slump by 0.4% on last year, as the housing sector along with customer spending continues to drag its heels.
23 September 2015
Govt To Invest €30m In Rural Towns And Villages
The Government is to invest €30m in rural towns and villages between 2016 – 2021, Ministers Alan Kelly and Ann Phelan announced on Tuesday.
Govt To Invest €30m In Rural Towns And Villages
The Government is to invest €30m in rural towns and villages between 2016 – 2021, Ministers Alan Kelly and Ann Phelan announced on Tuesday.
15 September 2015
Recession 'Deeper And Longer Than Needed' - SF
Ireland's recession was "deeper and longer than it needed to be" thanks to a 'Boom Bust' government, Sinn Féin's Jobs, Enterprise, and Innovation Spokesperson Peadar Tóibín has said. According to to Deputy Tóibín the recession experienced by the people of Ireland was designed by Fianna Fáil and delivered by Labour and Fine Gael.
Recession 'Deeper And Longer Than Needed' - SF
Ireland's recession was "deeper and longer than it needed to be" thanks to a 'Boom Bust' government, Sinn Féin's Jobs, Enterprise, and Innovation Spokesperson Peadar Tóibín has said. According to to Deputy Tóibín the recession experienced by the people of Ireland was designed by Fianna Fáil and delivered by Labour and Fine Gael.
07 October 2011
Ireland To Launch Tourist Initiative
A two-day forum in Dublin Castle has heard that Ireland will soon launch its biggest ever tourist initiative. With the aim to attract over 300,000 visitors to Irish shores next year, the initiative titled 'The Gathering' will be a year long event which will allow people at home and abroad to help aid the State's economic recovery.
Ireland To Launch Tourist Initiative
A two-day forum in Dublin Castle has heard that Ireland will soon launch its biggest ever tourist initiative. With the aim to attract over 300,000 visitors to Irish shores next year, the initiative titled 'The Gathering' will be a year long event which will allow people at home and abroad to help aid the State's economic recovery.
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Ireland WeatherToday:Very windy with persistent and occasionally heavy rain at first, becoming drier with the wind easing towards midday. Mainly dry with bright spells increasing during the afternoon. Milder than of late. Maximum temperature 14 °C.Tonight:Cloudy with clear spells, mainly dry evening becoming windy with rain at times from late evening. Turning drier with clear spells towards morning. Milder than of late. Minimum temperature 2 °C.
