Davy: Recession to end after Christmas

The recession will end in the first quarter of next year, according to Davy Research's chief economist Rossa White.

"The Irish economy is set to return to growth in Q1 2010," said the new report. "We expect average annual growth of 0.5% in real GNP in 2010, but that conceals gradual acceleration in economic activity intra-year. It implies a peak-to-trough decline in GNP of 14% from Q3 2007-Q4 2009.