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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.

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