Irish Economy Sinks Into Recession

JP Liz

The Republic of Ireland has become the first European Union economy to be pushed into recession by the credit crunch. Irish gross domestic product (GDP) shrank by 0.5% in the second quarter compared with the previous three-month period, according to data from the Central Statistics Office.That followed a contraction of 0.3% in the first three months of the year.
The technical definition of a recession is two or more successive quarters in which the economy shrinks.
Earlier this month, the European Commission predicted that the UK, Germany and Spain would also fall into recession before the year is out.
Dubbed the Celtic Tiger during massive growth in the late 1990s, the Irish business sector now faces its most difficult period since high unemployment and emigration hit the 1980s.
The Department of Finance pointed to the crumbling property market and the international credit crunch for the alarming figures.
A Government spokesman said: "As expected, lower levels of new house building had a major restraining influence on growth in the second quarter, as is evident from the very weak investment figures.
"Other factors at work include higher commodity prices, global financial market problems, weak demand in our major trading partners and adverse exchange rate movements."

When is the budget?????

magick

time to book those ferry tickets

chin_grin

JP Liz wrote: »

When is the budget?????

I raise you with exclamations!!!!!!!!!!!!!!!!!!!! AAAAAAAAAAAAAAAAAGH !!!!!!!!!!!!!!!!!!!!!!!!!!! <- look at them !!!!!!!!!!!!!!!! AAAAAAAAAAAAAAAAAAAAGH!

And a link.....

http://www.budget.gov.ie/

......and you can't see but I'm shrugging right now.

christeb

Said to the man at the railroad station,
"I want a ticket, just for one."
He said, "Well, if you insist. Where you wanna go, Miss*TERRRRRR*?"

Oh, destination anywhere
East or west, I don't care
You see my baby don't love me no more
This old world ain't got no back door

He looked at me with a funny face and said,
"Are you sure you wanna go just anyplace?"
I said, "If you ever loved someone, the way I loved that man,
Surely Mr. ticket agent, you should understand."

Destination anywhere
East or west, I don't care
You see my baby don't want me no more
This old world ain't got no back door

'Cause every day, it would swing both ways
And we'd go on back to happy yesterdays
When I loved him tenderly
And all he needed was me.

As I stepped through the window of the train
I thought I heard my baby call my name
But it was just the conductor saying,
"Which stop would you prefer?"

Oh, destination anywhere
East or west, I don't care
You see my baby don't love me no more
This old world ain't got no back door

Destination anywhere
East or west, I don't care
Destination anywhere
East or west, I don't care
Destination anywhere
East or west, I don't care
Destination anywhere
East or west, I don't care
(ad lib to end)

*runs to nearest travel agent*

phasers

There's only a recession because everybody is afraid to spend their money