‘One of the last to leave recession’

THE economy contracted by the largest level on record last year as new figures confirm the country is still in recession.

Analysts said Ireland will be one of the last locations to emerge out of recession but this should happen towards the end of this year or by early next year.

On an annual basis gross domestic product (GDP) declined by 7.1% last year, which is marginally better than the Government’s budget day 2010 estimate of a 7.5% decline. It was the largest annual contraction on record.