Ireland officially in a depression: 2009 National Accounts

[David Cochrane]

The CSO has published it's 2009 Central Statistics Office National Accounts, which shows that GDP declined by 7.1% last year.

There was a fall in GDP of 2.3% between Q3 and Q4.

The Minister for Finance has pointed out this morning that the GDP figure is marginally better than he anticipated (his department anticipated a decline of 7.5% in GDP).

Excluding the impact of the ongoing decline in new house building, GDP was roughly unchanged in the fourth quarter.

Today’s figures are consistent with my Budget Day projections for this year and as I outlined, I expect that the economy will resume growing in the second half of the year.

Internationally in many of our trading partners, there are tentative signs that a modest recovery is underway. The Government have taken actions to ensure the economy is positioned to take advantage of this recovery.”

Minister for Finance Brian Lenihan TD

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[kerrynorth]

The economy has officially declined in 2009 by 7.1% in GDP terms which combined with the 3% 2008 decline means that Ireland now meets the definition of a depression where GDP has declined by more than 10%.

GNP fell by an amazing 11.3% in 2009 as the domestic economy just tanked.

The Q4 2009 numbers do not indicate any real turnaround in the economy.
http://www.cso.ie/releasespublicatio...urrent/qna.pdf

[Cassandra Syndrome]

Nominally GNP shrank by 16% in 2009.

[Cassandra Syndrome]

The economy has officially declined in 2009 by 7.1% in GDP terms which combined with the 3% 2008 decline means that Ireland now meets the definition of a depression where GDP has declined by more than 10%.

GNP fell by an amazing 11.3% in 2009 as the domestic economy just tanked.

The Q4 2009 numbers do not indicate any real turnaround in the economy.
http://www.cso.ie/releasespublicatio...urrent/qna.pdf

Nominally GNP shrank by a whopping 16% to just over 130 Billion Euro.

[David Cochrane]

Kerrynorth and I started thread within seconds of eachother, merged them, my first post (as I posted the thread slightly earlier and can't put his first), but I've used KN's thread title.

[kerrynorth]

I just looked now at the seasonally adjusted GDP at constant prices figures and they indicate that the economy was actually declining faster at the end of 2009 than earlier in the year!!!!!

[Illustro]

*Illustro sings* Irelands about to collapse,Irleands about to collaaaapppssee....eeeee.......IIIIIIIIIIII poke me eye......IRRRRELLAAAANNDD iiiiisssss aaaabbbooouuuuttt to collapse.*


Welcome to the "progressive", multicultural,socialist (welfare) gravy train that is the peoples Republik of Ireland. I'm half tempted to come home to add to the unfunded welfare liabilities just to push the old country over the edge of that abyss.Maybe folk will cop-on to themselves and realise they've been taken for a jolly ol ride by our glorius leadership. But then,given the nonsense they have thus-far put up with...maybe not.

Recently had an email from a Buddy who works in the public sector.He seems quite content to take yet another pay-cut in order to fund the Irish socialist-Capitalist-Developer Monopolarchy bailout.

Good luck to yis.

[Cassandra Syndrome]

Some quick thoughts,

The surplus of net exports surged in 2009 because of collapsing imports from 18,896M to 28,182M. Without this surplus GNP would have fallen 33.2%.

The domestic functions of aggregate demand, Consumption, Private Investment and Government expenditure shrunk by 24.5% from their peak in 2007. That is quite a difference from the 35 - 40% collapse in tax receipts.

These must be the worst GNP statistics in the Western world for 2009.

[NAMAwinelake]

GDP (national income before net inflows/outflows) is vanity, GNP is sanity (national income after the MNCs remit their profits as management fees or dividends to other states)

[eoghanacht]

*Illustro sings* Irelands about to collapse,Irleands about to collaaaapppssee....eeeee.......IIIIIIIIIIII poke me eye......IRRRRELLAAAANNDD iiiiisssss aaaabbbooouuuuttt to collapse.*


Welcome to the "progressive", multicultural,socialist (welfare) gravy train that is the peoples Republik of Ireland. I'm half tempted to come home to add to the unfunded welfare liabilities just to push the old country over the edge of that abyss.Maybe folk will cop-on to themselves and realise they've been taken for a jolly ol ride by our glorius leadership. But then,given the nonsense they have thus-far put up with...maybe not.

Recently had an email from a Buddy who works in the public sector.He seems quite content to take yet another pay-cut in order to fund the Irish socialist-Capitalist-Developer Monopolarchy bailout.

Good luck to yis.

Socialist-capitalist?

Where did you study politic's, the ACME academy?