Advertisement
News

Economy in recession as GDP falls by six per cent

Sep 7, 2020 13:00 By News Northern Sound
Economy in recession as GDP falls by six per cent
Share this article

Ireland's economy is now officially in recession. GDP fell by just over 6 per cent in April, May and June - the largest quarter on

Ireland's economy is now officially in recession.

GDP fell by just over 6 per cent in April, May and June - the largest quarter on quarter fall ever recorded.

The Covid 19 pandemic has decimated large parts of the economy - after the country went into lockdown.

Advertisement

These new CSO figures show the economy contracted by 6.1 per cent in the second quarter of the year.

When you take out the profits of multinationals, it's even higher - at 7.4 per cent.

It's also clear some sectors have been bearing the brunt of the restrictions.

Advertisement

The construction industry's taken a hit of 38 per cent - the transport, hotel and restaurant sector's contracted by 30 per cent.

Finance Minister Paschal Donohoe says today's figures aren't unexpected - and the hit hasn't been as severe compared to other countries' economies.

The CSO has also provided an update on the impact of the pandemic's impact on the jobs market.

Advertisement

783 thousand people are now receiving either jobseekers' benefit or the pandemic unemployment payment - or benefitting from the temporary wage subsidy sceheme.

That's a drop of almost 150,000 on July's figures.

Share this article
Advertisement
Advertisement

NorthernSound Newsletter

Sign up now to keep up to date with the latest news.

Processing your request...

You are subscribed now! please check your email to confirm your subscription.

Copyright © 2024 Northern Sound FM. Developed by Square1 and Powered by PublisherPlus