Recession in Ireland

Ireland in the first quarter of 2008 reported a contraction in GDP of 1.5 percent, its first economic contraction since it began reporting by quarter and first recorded contraction since 1983.^[1] However, Ireland's Central Statistics Office reported growth in GNP of about 0.8 percent, Ireland's government considers GNP a better measure of the economy. Analysts have predicted Ireland's economy will contract further in the rest of the year.^[2] A report from NCB Stockbrokers predicts gross national product will fall by 1 percent in 2008 and by 0.4 percent in 2009 due to a decline in multinationals hit by the global economic slowdown. An economist from NCB said non-residential investment would fall by 5 percent in 2008 and by 12 percent in 2009.^[3] Ireland's GDP saw a contraction in the second quarter by 0.5 percent making Ireland the first member of the eurozone to enter a recession.^[4] The government is being advised by Merrill Lynch, the American broker that ran out of capital in September 2008.^[5] In January 2009 it was forced to nationalise its third largest bank, Anglo Irish Bank and to announce recapitalisation of its top two banks, AIB and Bank of Ireland.^[6] In February 2009, the government announced record unemployment levels in the country, with its highest monthly increase in 40 years and 1,500 people being laid off daily.^[7] Students rallied against the government, with 15,000 partaking in one march to protest against the reintroduction of university fees two days after former Taoiseach, Bertie Ahern was attacked, booed and jostled by an angry mob in Galway.^[8][9]

References

This guide is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.

Need an webmaster? Click HERE