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Irish economy shrinks 1.6% as spending and exports fall | Irish economy shrinks 1.6% as spending and exports fall |
(5 days later) | |
The Republic of Ireland's battered economy shrank by 1.6% in the fourth quarter as consumer spending and exports fell. | The Republic of Ireland's battered economy shrank by 1.6% in the fourth quarter as consumer spending and exports fell. |
The contraction compared with a 0.6% expansion in gross domestic product in the third quarter, according to the Central Statistics Office. | The contraction compared with a 0.6% expansion in gross domestic product in the third quarter, according to the Central Statistics Office. |
The fourth quarter figure meant that the economy, supported by a eurozone bail-out, shrank by 1% for the year. | The fourth quarter figure meant that the economy, supported by a eurozone bail-out, shrank by 1% for the year. |
Consumer spending fell 0.4% on the quarter and investment dropped 2.3%. | Consumer spending fell 0.4% on the quarter and investment dropped 2.3%. |
On the quarter, exports fell 1.4%, while imports slipped 0.1%. | On the quarter, exports fell 1.4%, while imports slipped 0.1%. |
The Irish property and banking collapse brought the country close to financial meltdown. | The Irish property and banking collapse brought the country close to financial meltdown. |
Dublin has so far been forced to take 34bn euros (£29.56bn; $48bn) from a European and IMF-funded bail-out package and impose austerity measures. | |
The results of stress tests on the Republic's banks are due on 31 March to determine how much more capital they need. | The results of stress tests on the Republic's banks are due on 31 March to determine how much more capital they need. |
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