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Article: Alarming economic news sends Dublin reeling; Iseq briefing: Closed at 2,706.08 down 17.78.(Business)
- Article from:
- Daily Mail (London)
- Article date:
- July 1, 2009
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EARLY gains on the Dublin market turned into losses by the end of the day yesterday after dire figures showed economies shrinking rapidly at home and abroad.
Official figures issued early in the session showed a dramatic contraction in the Irish economy during the first quarter of the year, with GDP falling 8.5pc compared to the same period in 2008.
The decline in GNP - which excludes profits from multina-tionacompanies based here - was even bigger, at 12pc.
Meanwhile, our biggest trading partner, Britain, had the worst GDP figures in 50 years.
Its GDP fell by 2.4pc in the first quarter, revised down from a fall of 1.9pc.
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