Friday, December 16, 2011

Irish Economy Shrinks 1.9% In Third Quarter - 16th Dec 2011

Ireland's economy shrank 1.9% in the third quarter, almost four times more than was expected.

New figures from the Irish Central Statistics Office show that after growing in the first two quarters of 2011, GDP contracted in the three months to the end of September.

Ireland is now the worst-performing economy in the eurozone in that period, apart from Greece, which no longer publishes seasonally adjusted figures.

Earlier this month, Ireland cut its GDP growth forecast for 2012 to 1.3% from 1.6%.

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