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Irish economy deep in recession

The Irish economy fell deeper into recession in the final quarter of 2009 with economic output falling by 2.3% although many blame the devastating floods in the west of the country for part of the economic downturn. However, there is no doubt that the building sector has also played a major role in the downturn with a lack of activity in this area after the property market crash earlier in the year.

To make the situation even worse, the 0.3% increase in gross domestic product reported back in the third quarter of 2009 was today revised down to a 0.1% decline which confirms that the Irish economy has yet to leave recession. It is also interesting to see that the year-on-year decline in GDP is a massive 7.1% although this is slightly better than the budget forecast in December of 7.5%.

Today we saw news of a financial bailout for the Greek economy and many believe that Ireland will need significant financial assistance to break free of what is proving to be a crippling and long-lasting recession. The economy has struggled significantly because of the downturn in the financial sector and the malaise caused by various controversies and scandals in the financial arena.

Confidence in the Irish economy has literally hit rock bottom and despite the fact no financial assistance has been requested as yet, many believe this will only be a matter of time. Will the European Union or the IMF step forward?

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