25 Mar 2011

Irish economy falters

12:39 pm on 25 March 2011

The Republic of Ireland's economy shrank by 1.6% in the fourth quarter as consumer spending and exports fell.

The contraction compared with an expansion of 0.6% in gross domestic product in the third quarter, according to the Central Statistics Office.

The fourth quarter figure meant that the economy, which is now being supported by a bail-out by the EU and the IMF, shrank by 1% for the year.