Ireland Economy Continues To Shrink

The Republic of Ireland's economy continues to shrink as the country's Central Statistics Office publishes GDP figures.


Compared with a growth of 1.4% in the second quarter of 2011, the economy saw a shrink by almost 2% in the third quarter.


The BBC reports: 


"GNP, which represents the amount of output excluding multinational profits, is down 2.2% on the quarter and down 4.2% on the year.


That reflects the country's austerity policies which have hit consumer spending power and confidence.

The figures also show that the export facing parts of the Irish economy are doing well - agricultural output is up 15% on the year.

Net exports - exports minus imports - overall grew by 21.8% at constant 2009 prices, compared with the same quarter of last year.

Meanwhile, the construction industry is stuck in a depression with output down 20% on the year."