Ireland officially in recession.


#1

bloomberg.com/apps/news?pid=20601068&sid=afggrPvcve6Y&refer=home

[Edit : changed title]


#2

I missed that accolade.

Ya can’t beat Ireland. Number one again. :wink:


#3
Ireland Second Quarter GDP: Summary (Table)                            Page 1/

By Mark Evans
     Sept. 25 (Bloomberg) -- Following is a summary of the second quarter
GDP for Ireland from the Central Statistics Office in Dublin:
*T
==============================================================================
                               2Q      1Q      4Q      3Q      2Q      1Q
                             2008    2008    2007    2007    2007    2007
==============================================================================
                          -------------- YoY Percentage Changes --------------
GDP                         -0.8%   -1.3%    5.5%    4.0%    5.9%    8.7%
GNP                         -2.1%    0.9%    2.3%    5.5%    2.4%    6.5%
GDP at Constant
    Factor Cost              0.3%   -1.0%    6.5%    4.7%    6.5%    9.9%
                          ------ Sector of Origin YoY Percentage Changes -----
Agriculture etc.            -2.4%   -0.1%    8.8%    1.2%   -2.7%    2.5%
Industry                     1.0%   -5.1%    7.5%    6.9%    2.6%   15.0%
Transport etc.              -4.3%   -0.7%    3.9%    5.9%    6.4%    7.2%
Defense etc.                 2.9%    2.8%    2.6%    2.7%    2.8%    1.7%
Other Services               2.5%    4.4%    4.8%    6.7%    8.7%    9.5%
Taxes less subsidies        -9.0%   -4.0%   -1.2%   -0.7%    1.4%    0.8%
==============================================================================
                               2Q      1Q      4Q      3Q      2Q      1Q
                             2008    2008    2007    2007    2007    2007
==============================================================================
Personal consumption        -1.4%    3.6%    5.4%    7.0%    6.5%    6.4%
Net goods and services       4.0%    3.9%    4.9%    5.4%    6.7%    6.9%
Capital formation          -18.8%  -19.0%   -7.2%   -6.5%    5.9%   12.6%
Exports                      2.4%    0.5%    8.2%    4.1%    6.5%    8.4%
Imports                     -1.1%    0.6%    3.7%    4.9%    1.4%    6.5%
                          ------------- Level (Millions of Euros) ------------
GDP                        46,725  46,873  47,327  46,053  47,081  47,510
GNP                        38,427  40,154  40,333  39,381  39,266  39,776
GDP at Constant
    Factor Cost            41,790  41,439  41,647  40,421  41,656  41,852
                          ---- Sector of Origin Level (Millions of Euros) ----
Agriculture etc.            1,324   1,017     643     844   1,356   1,020
Industry                   14,410  13,964  14,189  13,590  14,267  14,707
Transport etc.              6,260   6,592   6,782   6,766   6,540   6,638
Defense etc.                1,420   1,345   1,415   1,425   1,380   1,309
Other Services             18,778  19,084  18,890  18,699  18,315  18,282
Taxes less subsidies        4,935   5,433   5,681   5,632   5,424   5,657
==============================================================================
                               2Q      1Q      4Q      3Q      2Q      1Q
                             2008    2008    2007    2007    2007    2007
==============================================================================
Personal consumption       21,486  22,615  23,520  21,839  21,786  21,829
Net goods and services      6,585   6,593   6,573   6,509   6,331   6,348
Capital formation           9,533  11,345  11,331  11,133  11,740  13,999
Value of changes stocks       310     392     609    -444    -147    -129
Exports                    39,125  37,125  39,249  36,873  38,222  36,929
Imports                   -30,716 -31,760 -34,227 -30,761 -31,055 -31,568
NFI from Rest of World     -8,297  -6,719  -6,995  -6,672  -7,815  -7,733
==============================================================================
Note: Data is chain linked.
      Agriculture etc. consists of agriculture, forestry and fishing.
      Transport etc. consists of distribution, transport and communications.
      Defense etc. consists of defense and public administration.
      Other services include rent.
      NFI stands for Net Factor Income.


#4

Ah that’s all very well like but sure it can’t be overloked that we’re in a period of transition to a ‘knowledge based economy’.


#5

It’s official - we ARE different !!! :smiley:


#6

they could have at least said that we’re in a strong enough position financially to have been able to increase the minimum BASIC salary to a TD to EUR 100,000 on September 1st + and we’ve increased their expenses budget to EUR 120,000 a year I believe.


#7

Knowledge based economy: After years of kidding ourselves, now we know we’re still poor.


#8

not to mention paying our doctors 240k basic p.a. for a 38 hour week :open_mouth:

(edited to say that ‘upon mature reflection’, it still represents much better value than a politicans salary. Except for Jackie Healy-Rea of course, worth his weight in gold that man…)


#9

1997 :open_mouth:
Ireland fastest growing economy in European Union
Ireland fastest growing economy in OECD
(source Department of Finance)
1998 BD
Ireland fastest growing economy in European Union
Ireland fastest growing economy in OECD
(source Department of Finance)
1999 BD
Ireland fastest growing economy in European Union
Ireland fastest growing economy in OECD
(source Department of Finance)
2000 8DD
Ireland fastest growing economy in European Union
(source Economist intelligence unit)
2001 8DD
Ireland fastest growing economy in European Union
(source Economist intelligence unit)
2002 8DD
Ireland fastest growing economy in European Union
(source Economist intelligence unit)
2003 8DD 8-
Ireland fastest growing economy in the Eurozone
(source ECB)
2004 8DD 8- 8DD 8-
Ireland fastest growing economy in the Eurozone
(source ECB)
2005 8DD XD 8-
Ireland fastest growing economy in Eurozone
Ireland fastest growing economy in OECD
(source OECD)
2006 XD XD
2007 XD 8- XD
2008 XD XD :open_mouth: XX
Ireland the first country in the Eurozone to enter recession

Perhaps the most worrying and damming part of the slip into recession is that exports in the period are up, further highlighting that at the heart of our “epic journey” was the non productive sector that was the construction and property bubble

Blue Horseshoe


#10

Comment from Barclays…


#11

Man Blue Horseshoe, you could start selling T-Shirts with that little summary of the Irish success story.

Pity you didn’t have them for the Demo today, you’d have cleaned up !


#12

Blue Horseshoe, I had to steal your post for IrishHomeTruths. We really are the Leeds Utd of economics aren’t we? League 1 here we come.

-Rd


#13

I’m an LUFC fan :blush:


#14

Wahey, you’ll feel right at home over the next few years.


#15

At least Leeds look like they are potentially going the right way at the moment (currently 3rd in League 1); can’t say the same about the Govt.


#16

So BlueHorseshoe, what you are saying is we are going to be the first to recover yes?

looks around

oh.


#17

He forgot to mention that the strong Euro will make matters worse for companies trying to export to the US and the UK.


#18

It is very interesting that Barclays rank irish exposure to financial services second after property.

Yet the impact on this sector has hardly started here.

The big hype and push into financial services was done in the name of “diversification” and the “knowledge economy”.
The IFSC was seen the jewel in the crown of the celtic tiger. It symbolised wealth and success.

Well, I would not like to be sitting in a sweaty office in IFSC right now. :cry:


#19

That makes the CIF the Danny Mills of the country. First you foul the guy and then when he is on the ground you kick the ball at his head. Ah happy memories.