2009 – disaster for economy

Republic of Ireland – Worst fall in economy in 60 years

GNP reduced by 11.3% in 2009 (Interest on state debt and lower profits in Irish companies operating overseas) In GNP terms the contraction in 2009 was Q1 -5%, Q2 -1.6% Q3 -1.8% and Q4 -2.3% GDP reduced by 7.1% in 2009
Construction output down 33% in 2009 and new house building down 45% Q4 in 2009 v 08 was -5.1% in GDP and -10.4% in GNP

National income is at 2003 levels and the fall from peak is 21%