GNP down almost 5% in 12 months to September

Ireland's economy has shrunk by almost 5% in the past year, according to the latest figures from the CSO.

Ireland's economy shrunk by almost 5% in the 12 months up to the end of September this year, according to the latest figures from the CSO.

The statistics agency says GNP in the third quarter of 2008 was 4.9% lower than it was in the same period last year.