CSO reports biggest-ever fall in economic activity

Economic activity in Ireland slumped by a massive 7.5% in the last three months of 2008 - the biggest quarterly drop on record.

The latest National Accounts from the Central Statistics Office also showed that consumer spending was down 4%, while capital investment was more than 30% lower and industrial output was down 12.5%.

Exports and imports have also been badly affected by the recession.

For the year as a whole, Gross Domestic Product (GDP) fell 2.3% in volume terms while Gross National Product (GNP) fell 3.1% (the profits of foreign-owned enterprises are excluded from GNP).

Capital investment, in constant prices, in quarter four of 2008 was 30.6% lower than in the fourth quarter of 2007.

The volume of industrial output (including construction) decreased by 12.5% in quarter 4 of 2008 compared with the same period of the previous year.

Within this, the output of the Construction sector fell by 24% during this period.

Output of distribution, transport and communications was down 8.3% while output of other services was 2.2% lower.

Email Updates

Receive our lunchtime briefing straight to your inbox

Related Articles

More in this Section

No winner of tonight's Lotto jackpot worth almost €11m

Gardaí launch murder inquiry after woman's death in Waterford

Fianna Fáil extends lead over Fine Gael in latest opinion poll

'I'll be talking to my party soon': Enda Kenny deflects leadership question after EU summit


Today's Stories

Enda Kenny to speak soon on takeover

Coalition wants talks on Brexit and UK ties by year end

Number of students taking more than one foreign language is on the rise

Disputed National Maternity Hospital site may be leased by State

Lifestyle

Being liberated from secrets is the best thing to happen to Caitlyn Jenner

Discussing Jane Austen's talent and legacy on the 200th anniversary of her death

Angel Olsen is the indie heroine we desperately need

Design/life: Leonie Cornelius, garden designer and interior architect

More From The Irish Examiner