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17/12/2009
Figures Suggest End Of Recession
The latest figures from the Central Statistics Office show that, technically, the Irish economy has exited its period of recession.
According to the figures published today, Gross Domestic Product (GDP) was shown to have grown slightly during the last three-month period.
Recession is defined by two subsequent three-month periods of falling GDP, but the slight rise now means that this definition no longer applies and that the economy is out of recession.
However, Assistant Director General of the CSO Bill Keating refused to call an end to the recession at a press conference earlier today, pointing out that much of the rise in GDP was attributed to profits from multinationals based in Ireland.
Gross Domestic Product represents the total output of production such as goods and services in the country.
The CSO said the economy shrank at an annual rate of 7.4% in the third quarter, slightly less than the 7.9% drop from April to June.
However, as GDP includes profits made by US multinationals based in Ireland, many economists prefer to focus on Gross National Product (GNP), which only considers the total output of the state's residents.
This showed a quarterly fall of 1.4% and an annual drop of 11.3% in the third quarter.
(DW/KMcA)
According to the figures published today, Gross Domestic Product (GDP) was shown to have grown slightly during the last three-month period.
Recession is defined by two subsequent three-month periods of falling GDP, but the slight rise now means that this definition no longer applies and that the economy is out of recession.
However, Assistant Director General of the CSO Bill Keating refused to call an end to the recession at a press conference earlier today, pointing out that much of the rise in GDP was attributed to profits from multinationals based in Ireland.
Gross Domestic Product represents the total output of production such as goods and services in the country.
The CSO said the economy shrank at an annual rate of 7.4% in the third quarter, slightly less than the 7.9% drop from April to June.
However, as GDP includes profits made by US multinationals based in Ireland, many economists prefer to focus on Gross National Product (GNP), which only considers the total output of the state's residents.
This showed a quarterly fall of 1.4% and an annual drop of 11.3% in the third quarter.
(DW/KMcA)
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Ireland WeatherToday:Mostly dry south and east, patchy light rain west and north through much of the day. A band of heavier rain crosses central and northern parts in the morning Maximum temperature 13 °C.Tonight:Dry in the southeast at first otherwise widespread light rain or drizzle for most, turning to clear spells and a few showers towards morning. Minimum temperature 5 °C.
