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Irish economy in recession

Published: 25 September 2008
Central Statistics Office figures show the economy has technically entered recession.
The Irish economy has entered recession, according to figures from the Central Office of Statistics (CSO).

Figures from the CSO showed that Gross Domestic Product (GDP) fell by 0.5 per cent in the second three months of this year compared to the first quarter of 2007.
Gross national product (GNP) fell by 0.6 per cent to €78.6 billion.

This is the second successive quarter of contraction and means the economy is technically in recession.

Ireland's is now the first in the euro-zone economy to enter recession, with Italy and possibly Germany next, according to economic analysts. A recession is informally defined as at least two consecutive quarters of shrinking GDP.

The data comes weeks before the Irish government publishes its budget, and only a week after more bad news for the economy.

Only last week a Manpower survey showed 15 per cent of Irish employers plan to reduce staff numbers before the end of the year.

The report ranked the recruitment intentions of Irish employers in the fourth quarter at -3, the second weakest reading out of 80 countries surveyed, behind only Spain which had a score of -5.

Construction companies appeared the most pessimistic with more than 26 per cent planning to reduce their workforce in the fourth quarter.

For the year-to-date, economists have cited the slump in the property market, which has seen a decade of price rises, a fall in construction activity and the global credit crunch as factors behind the slowdown.

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