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Ireland GDP Growth Rate
Ireland Gross Domestic Product (GDP) contracted 7.40% over the last 4 quarters. The Ireland Gross Domestic Product is worth 282 billion dollars or 0.45% of the world economy, according to the World Bank. Ireland is a small, modern, trade-dependent economy. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply in 2008 and Ireland entered into a recession for the first time in more than a decade with the onset of the world financial crisis and subsequent severe slowdown in the property and construction markets. The export sector, dominated by foreign multinationals, remains a key component of Ireland's economy. This page includes: Ireland GDP Growth Rate chart, historical data, forecast and news.
| Year | Mar | Jun | Sep | Dec | Average |
| 2009 | -9.10 | -7.90 | -7.40 | | -8.13 |
| 2008 | -1.40 | -1.60 | -1.00 | -8.00 | -3.00 |
| 2007 | 8.40 | 5.20 | 4.00 | 6.50 | 6.03 |
| 2006 | 6.50 | 4.50 | 6.90 | 3.70 | 5.40 |
Global Economics
Debt Crisis May Endanger Europe's Economic Recovery
Published: 2/6/2010 12:24:28 PM
By: Anna Fedec, contact@tradingeconomics.com
In the third quarter of 2009, the Euro Area economy emerged from the worst recession since World War II. Yet, during the last few weeks, the single currency union has been facing the biggest challenge since its establishments as lower tax revenues started bringing fiscal deficit in some member countries to unsustainable levels.
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Canada Gained Jobs in January
Published: 2/5/2010 8:49:14 AM
By: TradingEconomics.com, Bloomberg
Canada gained more jobs than expected in January, led by part-time positions for youth, pushing the unemployment rate down. Employment rose by 43,000 last month, and the unemployment rate fell to 8.3 percent.
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US Payrolls Fall in January, Unemployment at 9.7%
Published: 2/5/2010 8:38:28 AM
By: TradingEconomics.com, Reuters
Employers unexpectedly cut 20,000 in January, but the unemployment rate surprisingly fell to a five-month low of 9.7 percent, according to a government report on Friday that hinted at some labor market improvement starting to take root.
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Australia's Monetary Policy Has Been Driven By China’s Growth
Published: 2/4/2010 3:59:34 PM
By: Anna Fedec, contact@tradingeconomics.com
In February, the Reserve Bank of Australia left interest rates unchanged despite of an influx of indicators pointing to growth acceleration and price pressures. Yet, after an explanation given by governor Stevens, it became clear that this unexpected decision was mainly prompted by recent Chinese easing of economic stimulus measures.
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Bank of England Halts Bond Purchase Program
Published: 2/4/2010 10:30:30 AM
By: TradingEconomics.com, Bank of England
The Bank of England paused its 200 billion-pound ($317 billion) bond-purchase plan and left open the option to buy more as officials gauge the health of the U.K.’s recovery.
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ECB Holds Rates, Sees Moderate, Uneven Recovery
Published: 2/4/2010 10:25:48 AM
By: TradingEconomics.com, Reuters
The European Central Bank kept interest rates at a record low of 1.0 percent on Thursday and reaffirmed its view that the euro zone's economic recovery would be modest and uneven this year.
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New Zealand Jobless Rate Rises to 7.3%
Published: 2/3/2010 5:18:24 PM
By: TradingEconomics.com, Bloomberg
New Zealand’s unemployment rate soared to the highest level in more than 10 years in the fourth quarter as a slow recovery from recession made companies reluctant to hire extra workers.
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ADP Says U.S. Companies Cut Estimated 22,000 Jobs
Published: 2/3/2010 9:32:30 AM
By: TradingEconomics.com, Bloomberg
Companies in the U.S. cut an estimated 22,000 jobs in January, in line with forecasts, according to data from a private report based on payrolls.
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Australian Trade Deficit Widens
Published: 2/2/2010 10:52:30 PM
By: TradingEconomics.com, Bloomberg
Australia’s trade deficit widened in December as imports of goods including gasoline surged the most in almost two years, adding to evidence of an economic rebound.
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Despite Recent Growth, US Recovery is Still Weak
Published: 2/2/2010 12:59:10 PM
By: Anna Fedec, contact@tradingeconomics.com
In the fourth quarter of 2009, the United States economy expanded at an annualized rate of 5.7% giving the impression that the recovery in world’s largest economy has been stronger than expected. Yet, growth was mainly due to inventory rebuilding and the recent economic expansion maybe short lived.
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GDP Growth Definition
Economic growth is the increase in value of the goods and services produced by an
economy. It is conventionally measured as the percent rate of increase in real gross
domestic product, or GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted
terms, in order to net out the effect of inflation on the price of the goods and
services produced. In economics, "economic growth" or "economic growth theory" typically
refers to growth of potential output, i.e., production at "full employment," which
is caused by growth in aggregate demand or observed output.As economic growth is
measured as the annual percent change of National Income it has all the advantages
and drawbacks of that level variable. But people tend to attach a particular value
to the annual percentage change, perhaps since it tells them what happens to their
pay check.
The real GDP per capita of an economy is often used as an indicator of the average
standard of living of individuals in that country, and economic growth is therefore
often seen as indicating an increase in the average standard of living.However,
there are some problems in using growth in GDP per capita to measure general well
being.GDP per capita does not provide any information relevant to the distribution
of income in a country. GDP per capita does not take into account negative externalities
from pollution consequent to economic growth. Thus, the amount of growth may be
overstated once we take pollution into account. GDP per capita does not take into
account positive externalities that may result from services such as education and
health. GDP per capita excludes the value of all the activities that take place
outside of the market place (such as cost-free leisure activities like hiking).
Economists are well aware of these deficiencies in GDP, thus, it should always be
viewed merely as an indicator and not an absolute scale. Economists have developed
mathematical tools to measure inequality, such as the Gini Coefficient. There are
also alternate ways of measurement that consider the negative externalities that
may result from pollution and resource depletion (see Green Gross Domestic Product.)The
flaws of GDP may be important when studying public policy, however, for the purposes
of economic growth in the long run it tends to be a very good indicator. There is
no other indicator in economics which is as universal or as widely accepted as the
GDP.Economic growth is exponential, where the exponent is determined by the PPP
annual GDP growth rate. Thus, the differences in the annual growth from country
A to country B will multiply up over the years. For example, a growth rate of 5%
seems similar to 3%, but over two decades, the first economy would have grown by
165%, the second only by 80% (source: wikipedia).
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