Photo: Wikimedia Commons
Irish GDP fell 1% year-over-year in 2010, the third annual fall in a row, and now it looks like the country may dip back into recession.Q4 2010 GDP for the country was down 1.6%, quarter-over-quarter, according to the country’s Central Statistics Office. Growth was up in the previous quarter, a meager 0.6%. The IMF is projecting weak growth of 0.9% in 2011, so it may yet again contract next quarter, indicating a recession.
While the country’s industrial sector had an up year in 2010, everything else was a mess.
Industry (excluding Building and Construction) grew by 13.2 per cent between 2009 and 2010. However, this growth was not sufficient to counterbalance the declines that took place in the remaining sectors of the economy. Building and Construction fell by 31.8 per cent, similar to the decline experienced in 2009. Activity in the Agriculture, Forestry and Fishing sector contracted by 6.4 per cent in 2010 while Public Administration and Defence and Other Services both experienced volume declines of 2.7 per cent between 2009 and 2010. Activity in Distribution, Transport and Communications declined by 1.5 per cent in the year.