Ireland officially tumbles into recession

09/26/2008 | Times (London) (subscription required), The

In the first half of 2008, Ireland's economy suffered a 1% contraction, making it the first nation in the eurozone to officially be in recession since the credit crisis began. "As expected, lower levels of new house building had a major restraining influence on growth in the second quarter, as is evident from the very weak investment figures," a government representative said. "Other factors at work include higher commodity prices, global financial market problems, weak demand in our major trading partners and adverse exchange rate movements."

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