Ireland Officially Back in Recession Says New Report

The Republic of Ireland is officially back in recession, new figures have revealed.

According to a report on the overall economy, measured under gross domestic product and including the multinational sector, the country saw a fall in the value of business and services at the end of last year and early this year.

The homegrown end of the economy, gross national product, performed better.

There was 2.9% growth there in the first quarter of the year.

Revised Central Statistics Office figures state that the country is back in recession for the first time since 2009.

The widely accepted definition of a recession is two consecutive quarters of negative economic growth.

Preliminary estimates show that gross domestic product contracted by 0.6% in the first three months of the year.

This was as a result of falling exports and weakening consumer spending.

The figures also show that personal expenditure dropped by 3% on a seasonally adjusted basis between the last quarter of 2012 and the first quarter of 2013.

Net exports also declined by more than one billion euros over the three-month period.

– BBC