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
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=vtgt79XbJ%2FTpTPxxSJGGtQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
June 30, 2009 06:38 ET (10:38 GMT)
Copyright 2009 Dow Jones & Company, Inc.
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
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=vtgt79XbJ%2FTpTPxxSJGGtQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
June 30, 2009 06:38 ET (10:38 GMT)
Copyright 2009 Dow Jones & Company, Inc.
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