Irish economy to shrink by 4% this year
The Irish economy is facing a second consecutive year of contraction, says the latest Quarterly Bulletin from the Central Bank and Financial Services Authority of Ireland.
The report notes that GDP fell by about 1% in 2008, marking the first decline since 1983. The report forecast a 4% decline in the volume of GDP in 2009, resulting from significant job losses and a sharp rise in the rate of unemployment to 9%. The research expects the economy to stabilise over the course of 2010.
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