Does anyone know how much the Irish Economy has actually shrunk in terms of GDP and GNP since 2006, 2007…
How much did it grow/shrink by every year since 2006 for example?
end 2007- end 2010 cumulative
GDP 11.8% decline
GNP 15.6% decline
GDP growth
2005 6%
2006 5.3%
2007 5.6%
2008 -3.5%
2009 -7.6%
2010 -1%
GNP growth
2005 6%
2006 6.5%
2007 4.5%
2008 -3.5%
2009 -10.7%
2010 -2.1%
% growth terms can be so misleading, when something drops 50% from 100 to 50 for example, it needs to growth 100% to make up the difference back to 100. Also when some numbers get so low, its easy to state the positive trend thereafter represents a recovery - such as exiting a recession. If your economy collapses massively over a short period of time with a massive debt overhang, even if you have a few quarters of positive growth thereafter…it’s still pretty much f*cked.