Irish economy shrinks in the first three months of 2017

This will give Minister for Finance & Public Expenditure Paschal Donohoe justification for keeping FEMPI in place.  The silly season has start in full swing. Oireachtas is gone on its summer holidays for 3 month. Propaganda about the value of pensions and can the country afford to continue to pay The “old age pension” kicked off this silly season.  Flying kites similar to this will be launched by government press office as the season continues, all to gauge public reaction.

The Irish economy shrank in the first three months of the year, according to official data published on Friday.

Year on year growth remains robust, and the surprise fall reflects the impact of distortions linked to multinationals shifting assets into Ireland in 2016, officials said.

Read more: Finally, we’re burning the bondholders – as they pay to loan money

Official CSO data shows the economy declined by 2.6pc, measured by gross domestic product in the first three months of 2017, and shrank by 7.1pc using the alternative gross national product measure.

However, stripping out the effects of multinationals growth in the so called real economy remains positive.

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