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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]
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.
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 UK faces a collapse in living standards, higher bills, tax hikes and increased unemployment as the economy slumps into recession. Chancellor Jeremy Hunt told MPs he was having to make ...
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 recession in the economy is now also projected to last until 2013, with GDP declining 3% in 2012 and 1% in 2013; followed by a return to positive real growth in 2014. [147] Unemployment rate increased to over 17% by end of 2012 but it has since decreased gradually to 10,5% as of November 2016.