Irish economy fell by 1.2% in second quarter
Despite the fact that the Irish economy technically left recession in the first quarter of 2010, with a 2.2% increase in gross domestic product (GDP), the second quarter of 2010 saw a 1.2% reduction in GDP. Even if you use the gross national product figure, which excludes profits from multinational companies, even this barometer fell by 0.3% compared to the first quarter of 2010. So what does this mean for the Irish economy?
On an annual basis the gross domestic product of Ireland was down by 1.8% with gross national product also down by an even larger 4.1%. This would seem to indicate that having picked up in the first quarter of 2010 the Irish economy is now headed towards a recession unless the authorities are able to inject confidence into the business and consumer arenas.
These figures could not have come at a worse time for the Irish economy which is already reeling from suggestions that an IMF/EU funding program may be required in the short to medium term. Even though the government has officially denounced rumours of an international bailout it seems that investors are still concerned about the short to medium-term outlook and the cost of bailing out the financial sector.
Share this..
Related stories
National Express to pay living wage
13/03/2015 National Express transport firm has pledged to pay all it’s workers the living wage from January 2016. National Express, who operate buses, coaches and trains have guaranteed that they will pay all their staff the living wage of £7.85 an hour (£9.15 an hour in London), which is around 20% higher than the national minimum wage of £6.50. Hundreds of low paid workers will now be...
Read MoreHead of Royal Mail calls on unions to "shut up"
Adam Crozier, the head of Royal Mail, has this evening set the scene for some very difficult negotiations later this week after telling the unions to "shut up". In what many believe are the last ditch talks before more strike announcement prior to Christmas, this is a high-risk strategy by the head of Royal Mail and one which could backfire spectacularly!
It would seem that Adam Cro...
Making money in the boom times is easy!
Over the last few weeks and months we have seen a number of very disappointing profit announcements, trading statements and forecasts for the future. We have seen companies which were making good money in the boom times struggling to survive in the bad times which perfectly illustrates how a buoyant economy can often hide many problems beneath the surface. Today we saw the Leeds building societ...
Read MoreCould You Move Overseas?
As the cost of living in the UK moves yet higher again there are more and more people seriously looking at emigrating. The number of UK citizens looking to pack up move out has never been great, but is life in foreign lands as rosy as some may have you believe?
If it is purely a cost of living aspect which might push you to look overseas there is every chance that you will find lif...
Royal Mail set to slash job numbers
Royal Mail is this week set to announce a further 2,000 middle management redundancies focused on those earning in excess of £40,000 a year. When you take into account these potential job cuts on top of the 62,000 workforce cuts over the last eight years there is no doubt that the UK authorities seem to be repositioning Royal Mail for a potential sale. The UK government has made quiet moves to...
Read More