Belfast Telegraph

Wednesday 22 April 2015

Economy contracts for third year

The Irish economy contracted by one per cent last year
The Irish economy contracted by one per cent last year

The Irish economy contracted by 1% last year, official figures have revealed.

The Central Statistics Office said it is the third year in a row that business has suffered a decline, but 2010 was not as bad as previous years.

The report said that industry, excluding the shattered construction sector, was the only growth area last year.

The 12-month review revealed an up-and-down year for Gross Domestic Product (GDP) - the measure of the value of all goods and services made in Ireland, including the foreign-owned multinationals.

The CSO recorded strong growth in the first three months only to be hit by a fall and rise as the year went on, with a decline of 1.6% in the final quarter.

Homegrown business, as measured by Gross National Product (GNP), had another difficult year with its value shrinking by 2.1%.

However, the CSO report found Irish firms became stronger as the year wore on and in the last three months they saw the value of goods and services increase by 2%.

According to the CSO, GDP and GNP fell by 7.6% and 10.7% respectively in 2009.

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