18 Dec 2009

Irish Republic out of recession

11:11 am on 18 December 2009

Ireland is out of recession. The economy grew by 0.3% in the third quarter, compared with the previous quarter.

But the government is expecting a contraction of 7.5% for the full year, and a further small drop in GDP next year.

The government recently unveiled cuts worth €4 billion in spending to rebalance the country's finances.

The Irish Republic was once one of the fastest-growing in Europe, but it is now among the most heavily indebted in the eurozone, with a deficit amounting to 12% of GDP.