Further Shrinks of Irish Economy
Friday, March 27, 2009 16:06
As consumer spending continued to collapse and industrial output took a severe hit in the downturn, the Irish economy shrank by a record 7.5% towards the end of last year.
Consumer spending was 4% lower in the fourth quarter of 2008 year compared to previous year’s figure, while capital investment declined by 30.6% over the year. Industrial output dropped at an annual rate of 12.5%, with the construction sector showing a decline of 24%.
According figure by Ireland’s Central Statistics Office, GDP for the year as a whole fell by 2.3%, which is the biggest fall ever since quarterly records began in the 1990s.
The Government in attempting to get the country’s public finances back in order, but it is going to be a huge task. The government is preparing to unveil an emergency budget in April.
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