Irish economy shrinks in Q4

Irish economy contracted in the fourth quarter of 2010, shrinking 1.6% on the back of poor consumer spending, exports and investment.

The Q4 figure means the economy, supported by a eurozone bail-out agreed in November, shrank by 1% for the year, the BBC reports. The figure compares to 0.6% GDP growth in the third quarter, according to the Central Office of Statistics. Over the last months of 2010, consumer spending saw a 0.4% fall, while imports slipped 0.1% against a more severe drop in exports of 1.4%. while investment fell 2.3%. Dublin has been forced to take €34bn euros (£29.56bn) so far from a European and IMF-funded bailout package, alongside austerity measures, as the country's property and banking collap...