Ireland Officially Back In Recession

The Republic of Ireland has reported that in the fourth quarter of 2012 and the first quarter of 2013 a decline in business and services. The two consecutive declines means the economy is officially back in recession.

Preliminary estimates show the country’s GDP was down .6% in the first quarter of 2013.

Irish Deputy Prime Minister Eamon Gilmore told reporters that unemployment went down a small percentage and that it shows “some recovery” but that the economy is “fragile”.

The chief executive for the Irish Exporters Association said that news was worse for the agriculture industry where manufacturing and agri-food exports were down 9% during the first quarter of the year.

“Our manufacturing and agri-food guys are going to have an extremely tough second half of the year,” John Whelan said.

 

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