Irish economy begins to stabilise - CSO

Updated: 22:10, Thursday, 17 December 2009

Figures from the Central Statistics Office show that the Irish economy began to stabilise in the third quarter of this year.

1 of 1 Economy Signs of stabilisation
Economy
Signs of stabilisation
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Nine News: Sean Whelan, Economics Correspondent, reports that while aspects of the reports are encouraging, Ireland is far from out of the woods
Nine News: Sean Whelan, Economics Correspondent, reports that while aspects of the reports are encouraging, Ireland is far from out of the woods
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Six One News: Sean Whelan, Economics Correspondent, reports that while aspects of the reports are encouraging, Ireland is far from out of the woods
Six One News: Sean Whelan, Economics Correspondent, reports that while aspects of the reports are encouraging, Ireland is far from out of the woods

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Full CSO report

Gross Domestic Product (GDP) grew slightly during the three-month period.

The CSO said the economy, which is measured by GDP, shrank at an annual rate of 7.4% in the third quarter, slightly less than the 7.9% drop from April to June.

As the definition of recession is two quarters in a row of falling GDP, this means that technically the economy is out of recession.

However, as GDP includes profits made by US multi-nationals based in Ireland, many economists prefer to focus on Gross National Product (GNP).

This showed a quarterly fall of 1.4% and an annual drop of 11.3% in the third quarter.

The Tánaiste has said the CSO figures are being approached cautiously by the Government.

Mary Coughlan said a lot of difficulties still exist and need to be dealt with, but it is good to see the country progressing slowly.

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