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27/03/2009
Exporters 'Feeling' The Recession, Says IBEC
The group representing Irish business, IBEC, today said the latest National Accounts data from the CSO confirms conditions in the economy deteriorated sharply in the final quarter of 2008.
Commenting on the data, IBEC Senior Economist Fergal O’Brien said: "The dramatic 8.4% fall in goods exports in the final quarter of 2008 indicates significant weakening in the performance of the traded sector.
"Companies are now experiencing the full force of the global recession," he said.
"In the very short-term, Government must support enterprise and business in order to preserve as much employment as possible during this period of exceptional international turmoil.
"However, in order to be ready to reap the benefits of the global economic upturn, which may materialise as soon as 2010, Ireland must improve its competitiveness."
He added: "This will require a reduction in all prices across the economy."
(PR/BMcC)
Commenting on the data, IBEC Senior Economist Fergal O’Brien said: "The dramatic 8.4% fall in goods exports in the final quarter of 2008 indicates significant weakening in the performance of the traded sector.
"Companies are now experiencing the full force of the global recession," he said.
"In the very short-term, Government must support enterprise and business in order to preserve as much employment as possible during this period of exceptional international turmoil.
"However, in order to be ready to reap the benefits of the global economic upturn, which may materialise as soon as 2010, Ireland must improve its competitiveness."
He added: "This will require a reduction in all prices across the economy."
(PR/BMcC)
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