Debate over emergence from recession

NEW figures show the Irish economy has technically emerged from recession and is on the road to recovery, but opinions differ as to whether the country is formally out of recession.

Latest Central Statistics Office (CSO) data showed a rolling quarter-by-quarter decline of 1.4% in Ireland’s GNP during the third quarter of this year, but a 0.3% increase in GDP. The corresponding figures for last year showed a 7.4% drop in GDP and an 11.3% dip in GNP.

But, while Bloxham Stockbrokers economist, Alan McQuaid said that the numbers mean that Ireland is “technically out of recession”, others weren’t quite so adamant.