Tags: EU | Ireland | financial | crisis

Budget-Cutting Ireland Slides Back Into Recession

Thursday, 27 Jun 2013 11:43 AM


Figures show Ireland has fallen back into recession, dealing a blow to those who have cited the country as an example of how austerity can work.

Thursday's report from Ireland's Central Statistics Office showed the country's annual gross domestic product fell 0.6 percent in the first three months of the year from the previous quarter.

GDP figures for the second half of 2012 were also revised downward to show a 1 percent quarterly fall in the third quarter and a 0.2 percent drop in the fourth. The figures put Ireland back in recession, officially defined as two straight quarters of negative growth.

Ireland was the second euro country, after Greece, to be bailed out following a banking crisis. It has been cutting its budget aggressively for years.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.

You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved