Tuesday 30 June 2009

Irish 1Q GDP Declines 8.5% As Recession Deepens Further -CSO

Irish 1Q GDP Declines 8.5% As Recession Deepens Further -CSO

DUBLIN (Dow Jones)--Irish gross domestic product at constant prices contracted 8.5% in the first quarter of 2009 versus a 7.5% decline in the previous quarter, the Central Statistics Office said Tuesday.

Gross national product, or GNP, excluding the crucial multinational sector credited for creating the 1990s Celtic Tiger economy, declined 12% in the first quarter of 2009 versus a 6.7% decline in the fourth quarter of 2008, the CSO said.

On a seasonally-adjusted basis, GDP receded 1.4% in the first quarter of 2009 and GNP declined 4.5%. In the first quarter of 2008, GDP declined 1.5% on the year, while GNP rose a moderate 0.8%, according to the CSO. In 2008, GDP declined an average of 2.3% while GNP declined 3.1%.

This small, open economy was the first in the euro zone to slide into recession and looks to be the worst-performing economy in the currency area this year, with the E.U. predicting Ireland's GDP will recede by 9% in 2009.

-By Quentin Fottrell, Dow Jones Newswires; +353-1-676 2189; quentin.fottrell®dowjones.com

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(END) Dow Jones Newswires

June 30, 2009 06:38 ET (10:38 GMT)

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