Recession In Ireland Deepens

11 July 2012 17:30 - Lucy Williams

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Recession In Ireland Deepens

The Irish economy was predicted to have expanded by 0.7 percent this year yet a fall of 0.4 percent in Gross Domestic Product (GDP) shows otherwise. A recent report containing statistics about the Irish economy actually shows a 0.2 percent decline.

This is the third consecutive quarter where the Irish economy has contracted showing few signs of further improvement. The weak state of the Irish economy under the euro has led to a decline in consumer spending and export growth as the eurozone continues its struggle against recession. Unfortunately Ireland’s economy is somewhat reliant on exports and with recent global economic downturn, including the world’s second largest economy China implementing cut backs on its imports, its recovery has been slow. Currently Ireland is experiencing its weakest growth since 2009 during recession threatening Irish unemployment rates to rise higher than it already is. Recent reports reveal unemployment rates have climbed to their highest level since 1994.

Ireland’s economy has fallen due to no fault of the Irish government yet troubles being experienced by the Irish economy are as a result of failings and weaknesses within the European and UK economies.

However there is positive news for Ireland as praise is being awarded for efficient administration and a modern open economy while Greece is criticised for being the opposite, as they struggle to pass its quarterly reviews whereupon delayed aid payments have had to be issued. Ireland was not financially stable enough or in the economic position to avoid help from elsewhere but they successfully reversed careless policies implemented in the last ten years and turned on to the right track.


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