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Bailed-out Ireland back in recession

AFP-JIJI

Ireland has fallen back into recession for the first time since 2009, revised official data showed on Thursday, as the bailed-out eurozone nation was rocked by sliding exports and consumer spending.

Gross domestic product shrank by 1.0 percent in the third quarter of 2012 and by 0.2 percent in the fourth quarter.

Economic activity continued to sink by 0.6 percent in the January-March period compared with output in the previous three months.

On a more upbeat note, the CSO added that gross national product grew by 2.9 percent in the first quarter.