"Gross domestic product (GDP) fell 1.2%, the Central Statistics Office said. It also revised down its measure of growth in the first quarter to 2.2% from 2.7%.
Gross national product (GNP), seen by some as a more accurate barometer of the economy, fell by 0.3%.
The government has been seeking to reassure investors about the economy.
There have been concerns in the markets about the health of the Irish economy and government finances because of continued problems in the banking sector."
Looks like Ireland has a long way to go.
It does sound like Ireland has a ways to go. At the end of the article the author discusses the unexpected drop in consumer spending. Maybe if the government drops taxes they can raise this spending. The author also talks about the importance of exporting goods. If Ireland can also encourage greater savings they can export money and become lenders. This could also help their economy.
ReplyDelete