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

Residents fear for homes over Japanese knotweed infestation

Homeopath's ad hinted she could treat symptoms of autism

Surge in number of gardaí whistleblower complaints

Residents evacuated after early-morning suspect device alert in Dublin


Today's Stories

LUNCHTIME BULLETIN: Ex-chief of the Ulster Volunteer Force pleads guilty to five murders; Missing teenager in Cork

MORNING BULLETIN: Legal warnings issued over ghost estates; May: No EU national will be forced out of UK

County council issues legal warnings over ghost estates

Surge in number of gardaí going to watchdog

Lifestyle

Move over, David Gandy — there’s a new crew of Irish men making their mark on the catwalk

The benefit of sport is more than just winning

Dublin Cookie Co is cooking up a business

Ask Audrey: I tried tantric sex with my yoga instructor once and we managed 47 minutes before the bus arrived at Parnell Place

More From The Irish Examiner