Recession In Ireland Deepens

11 July 2012 17:30 - Lucy Williams

Email Article Print Article
    


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.

news_15.png
 

Related Links:
• World Economic Events Calender
Scheduled Events

PRODUCT RANGES:

CURRENCY EXCHANGE
Compare Foreign Exchange and Currency >>

LOAN PRODUCTS
Compare Loan and Debt Products >>

CARD PRODUCTS
Compare Cards Products >>

MONEY PRODUCTS
Compare Money Products >>

INSURANCE PRODUCTS
Compare Insurance Products >>

Everyone in this day in Age has some kind of gadget. lets hope its insured. gadget Insurance
23 August 2018
Which Way To Pay
Making sure our loved Gadgets are covered by gadget Insurance is a must.
Read More >>
As we all know our health is one of the most important things in life . So we need to make sure we are fully covered with the correct Health Insurance.
30 August 2016
Which Way To Pay
Health Insurance is a very important thing that everybody should think about , this also means taking the correct cover for your personal requirements.
Read More >>
New Product Range: Vehicle Loans
22 October 2015
Which Way To Pay
Check Out our latest new product range added to Which Way To Pay: Vehicle Loans
Read More >>