boebels
2008-09-25 12:33:24 UTC
The Irish Republic's economy has fallen into recession after shrinking
for a second quarter in succession.
The Central Statistics Office (CSO) said gross domestic product (GDP)
had contracted by 0.5% in the three months to the end of June.
The economy had shrunk by 0.3% in the first quarter of the year.
Technically, a recession is defined as two or more successive quarters
of negative growth.
It is the first time Ireland has experienced a recession since 1983.
for a second quarter in succession.
The Central Statistics Office (CSO) said gross domestic product (GDP)
had contracted by 0.5% in the three months to the end of June.
The economy had shrunk by 0.3% in the first quarter of the year.
Technically, a recession is defined as two or more successive quarters
of negative growth.
It is the first time Ireland has experienced a recession since 1983.