Irish Economy Shrinks 1.9% -- Has Its Worst Quarter Since Q1 2009

Hmmm -- so, how's the great "growth through austerity" program going for Ireland??

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Irish Economy Shrinks 1.9% -- Has Its Worst Quarter Since Q1 200


THE IRISH ECONOMY shrank dramatically in the third quarter of 2011, striking new figures from the Central Statistics Office have shown.

Gross Domestic Product – the total value of all goods and services produced – fell by 1.9 per cent in the three months from July to September.

Meanwhile, Gross National Product – the value of all services supplied by Irish residents, which is considered by some to be a more accurate barometer of economic performance – fell by 2.2 per cent.

The shrinkage in GDP is the worst since the first quarter of 2009, and reverses the trend set in the first two quarters of this year when the economy grew by 1.8 and 1.4 per cent.