July 17, 2009…
…GDP contracted by an alarming 8.5% year on year in the first quarter of 2009, while the fall in domestic demand was even more marked at 15.5%. These contractions were larger than any other high-income OECD country, reflecting the impact of the collapse in Ireland’s property market and the decimation of its construction sector. Surging job losses are now weighing heavily on private consumption and, with the public finances in disarray, the extent of downside risk to the Irish economy appears without precedent…
Copycat of Finland 90’s anyone?
Absolutely. I have long thought this is the closest historical comparison.
Except our collapse is happening in the middle of the biggest worldwide recession of the last 60 years.
And its worse than Finland, and its worse than the EIU tells it.
How often do the EIU report on Ireland? Is it a regular enough thing (the last one I recall was in 2006 which said that Irish property wasn’t as overpriced as we thought) or is Ireland so fubbared that we are getting a higher amount of publicity internationally?