just watching sky news and they just said that we (ireland) is now in recession????
TGi
taken from the sky website
The Republic of Ireland has slid into recession, as official figures show that its economy shrank in the second quarter.
It is the first European Union economy to be pushed into recession by the credit crunch.
Irish gross domestic product (GDP) shrank by 0.5% in the second quarter compared with the previous three-month period, according to data from the Central Statistics Office.
That followed a contraction of 0.3% in the first three months of the year.
The technical definition of a recession is two or more successive quarters in which the economy shrinks.
The Republic of Ireland has slid into recession, as official figures show that its economy shrank in the second quarter.
It is the first European Union economy to be pushed into recession by the credit crunch.
Irish gross domestic product (GDP) shrank by 0.5% in the second quarter compared with the previous three-month period, according to data from the Central Statistics Office.
That followed a contraction of 0.3% in the first three months of the year.
The technical definition of a recession is two or more successive quarters in which the economy shrinks.
Seems like it from what I can do to generate work for myself - nobody is hiring.
Heard a great quote from an American economics professor:
"Economics uses the free market for profits and socialism for losses..."
Heard a great quote from an American economics professor:
"Economics uses the free market for profits and socialism for losses..."
QUOTE (americanpaddy @ Sep 25 2008, 12:13 PM) <{POST_SNAPBACK}>Seems like it from what I can do to generate work for myself - nobody is hiring.
Heard a great quote from an American economics professor:
"Economics uses the free market for profits and socialism for losses..."
what did you do to generate work for yourself?
I heard this morning on the news that there is no exact definition of the work 'recession' so it can be used quite easily without being corrected
Heard a great quote from an American economics professor:
"Economics uses the free market for profits and socialism for losses..."
what did you do to generate work for yourself?
I heard this morning on the news that there is no exact definition of the work 'recession' so it can be used quite easily without being corrected
QUOTE (draycottgirlz @ Sep 25 2008, 12:21 PM) <{POST_SNAPBACK}>what did you do to generate work for yourself?
I heard this morning on the news that there is no exact definition of the work 'recession' so it can be used quite easily without being corrected
A. I solicit work from likely providers - I'm a freelance technical writer - do manuals and such.
B. I believe the strict definition for recession is two financial quarters without growth defines a recession. Don't pay attention to Irish press or media.......
I heard this morning on the news that there is no exact definition of the work 'recession' so it can be used quite easily without being corrected
A. I solicit work from likely providers - I'm a freelance technical writer - do manuals and such.
B. I believe the strict definition for recession is two financial quarters without growth defines a recession. Don't pay attention to Irish press or media.......
Two Quarters of negative economic growth defines a recession.
As usual the Govt blames others for causing it. The biggest laugh yesterday was Minister for Finance, a Barrister, blaming Fine Gael for causing the possible collapse of the Irish Banks.
Money is not moving at the moment. Mortgage lenders are asking people to have 20% of the price of a house before they will lend the balance. For the average house, that means you need €60k before you can get the remainder of the purchase price. No wonder sales have stopped.
There had to be a correction to what was going on. Some of the spending and buying was ridiculous, people queueing up for shoe-box places to live, when any fool knew the prices had gone so far they no longer made sense.
As usual the Govt blames others for causing it. The biggest laugh yesterday was Minister for Finance, a Barrister, blaming Fine Gael for causing the possible collapse of the Irish Banks.
Money is not moving at the moment. Mortgage lenders are asking people to have 20% of the price of a house before they will lend the balance. For the average house, that means you need €60k before you can get the remainder of the purchase price. No wonder sales have stopped.
There had to be a correction to what was going on. Some of the spending and buying was ridiculous, people queueing up for shoe-box places to live, when any fool knew the prices had gone so far they no longer made sense.
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