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Ireland exits recession as economy grows Ireland exits recession as economy grows
(about 1 hour later)
The Irish Republic's economy has returned to growth, meaning the country has emerged from its second recession in five years. The Irish Republic's economy has emerged from recession, according to official figures.
The economy grew by 0.4% in the second quarter of the year, although this was much weaker than forecast. The economy grew by 0.4% in the second quarter of the year, although this was much weaker than many economists had forecast.
Economists had expected growth of at least 0.8%.Economists had expected growth of at least 0.8%.
Ireland fell back into recession in late 2012, and gross domestic product (GDP) in the second quarter was still 1.2% lower than a year earlier. Ireland, which was bailed out after its banking and property crisis, fell back into recession in June.
The government has projected growth of 1.3% for 2013 as a whole.The government has projected growth of 1.3% for 2013 as a whole.
While the bailed-out eurozone member's exports increased by 4.3% in the quarter, consumer spending was up by only 0.7%.While the bailed-out eurozone member's exports increased by 4.3% in the quarter, consumer spending was up by only 0.7%.
In late 2010, the Irish government was bailed out with 85bn euros ($112bn; £71bn) of emergency loans from the International Monetary Fund and European Union.In late 2010, the Irish government was bailed out with 85bn euros ($112bn; £71bn) of emergency loans from the International Monetary Fund and European Union.
In addition the Irish government also secured a loan from the UK.In addition the Irish government also secured a loan from the UK.
The Irish economy suffered in the post-2008 period from a debt crisis, soaring unemployment and a property market crash.The Irish economy suffered in the post-2008 period from a debt crisis, soaring unemployment and a property market crash.
Before the crash, Ireland was known as the Celtic Tiger, as economic growth was boosted by low corporation tax rates which attracted many multinational businesses.Before the crash, Ireland was known as the Celtic Tiger, as economic growth was boosted by low corporation tax rates which attracted many multinational businesses.