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24th of August 2011
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Ireland’s economy contracts in Q4

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by Kay Mitchell

Figures today have revealed Ireland’s economy contracted by 1.6% in the October to December period, following a 0.6% growth rate in the previous quarter, according to the Central Statistics Office.

The latest figures are a further blow to the former “Celtic Tiger” economy which suffered a prolonged recession and was one of the last euro zone nations to emerge from recession.

Ireland’s economy was one of the worst performers in the western world in 2009 and prior to the current downturn, the Irish economy had not experienced a recession since 1983.

The economy slipped into recession during the first half of 2008 – becoming the first nation of the euro zone to do so.

Meanwhile, the latest contraction comes as consumer spending and exports declined.

The country’s economic turmoil resulted in a bailout package last year worth €85 billion.

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News posted: March 24, 2011

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