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The Irish economy entered severe recession in 2008, and then entered into an economic depression in 2009. [27] The Economic and Social Research Institute predicted an economic contraction of 14% by 2010. [28] In the first quarter in 2009, GDP was down 8.5% from the same quarter the previous year, and GNP down 12%. [29]
A study of Irish share prices in 2013 indicates that an historic high point had been reached in the 1890s, with a subsequent decline to 1930. [ 9 ] There had already been a significant economic divide between the northeast 6 counties and the rest of Ireland, but following partition both regions further diverged.
After a year with stagnant economic activity in 2010, the Irish real GDP rose by 2.2% in 2011 and 0.2% in 2012. This growth was mainly driven by improvements in the export sector. The European sovereign-debt crisis caused a new Irish recession to start in Q3 2012, which was still ongoing as of Q2 2013. [36]
In September 2008, the Irish government—a Fianna Fáil-Green coalition—officially acknowledged the country's descent into recession; a massive jump in unemployment occurred in the following months. Ireland was the first state in the eurozone to enter recession, as declared by the Central Statistics Office (CSO). [8]
The post-2008 Irish banking crisis was when a number of Irish financial institutions faced almost imminent collapse due to insolvency during the Great Recession. In response, the Irish government instigated a €64 billion bank bailout. This then led to a number of unexpected revelations about the business affairs of some banks and business people.
The Irish property bubble was the speculative excess element of a long-term ... It coincided with the 2009 recession as both had started to develop in late 2008 ...
The Irish economy expanded at an average rate of 9.4% between 1995 and 2000, and continued to grow at an average rate of 5.9% during the following decade until 2008, when it fell into recession. Ireland's rapid economic growth has been described as a rare example of a Western country matching the growth of East Asian nations, i.e. the ' Four ...
The COVID-19 pandemic has had a deep impact on the Irish economy, leading it into a recession. Essential public health measures announced by the Irish Government to contain the spread of COVID-19 resulted in the largest monthly increase in unemployment in the history of the Republic of Ireland during March 2020.