Fin24

Irish economy shrinks in third-quarter

2011-12-16 13:38

Dublin - Ireland's economy shrank 1.9% in the third quarter, compared with expansion of 1.4% for the bailed-out eurozone member in the second quarter of 2011, official data showed Friday.

Gross domestic product in the second quarter, or three months to June, was revised down from an original estimate of 1.6%, the Central Statistics Office (CSO) said in a statement.

The data indicates that the Irish economy, which was rescued last year by the IMF and EU, is struggling to recover from the depths of the nation's devastating property and debt crisis.

The Irish GDP figures meanwhile include output generated by both domestic and foreign companies based in Ireland.

Excluding the foreign contribution, Ireland's gross national product (GNP) shrank by 2.2% in the third quarter, or between July and September. This compared with 0.7% growth in the second quarter.