NIB: Ireland coming out of recession
Ireland’s dramatic economic decline has now ended, with the economy expected to return to weak growth in 2010, according to the National Irish Bank Economic Commentary - Winter 2009.
The report suggests that while some sectors will see quarter-on-quarter growth in 2010, notably exports and consumer spending, construction and the public sector will continue to contract.
The report says that the ending of the recession is most clearly evident in the "stabilisation in the labour market witnessed since August".
The report’s author, National Irish Bank’s Chief Economist Ronnie O’Toole said: "Unemployment has not risen over the last few months, while income tax revenues have been stronger than expected.
"This shows that job losses are running at a far lower level, and that people are increasingly going into full-time education or retiring early rather than signing onto the dole. The re-emergence of a modest level of net emigration hasn’t played a big role in containing the rise in unemployment."
