Ireland’s recession technically ends but unemployment soars

The Irish Central Statistics Office (CSO) has released figures that show that Ireland’s Gross Domestic Product (GDP) rose by 2.7% in the first three months of 2010. This small growth in Ireland’s GDP, the first for over 2 years, technically indicates an end to the recession in Ireland.

However the news was released by the CSO on the same day as they announced that the number of people unemployed in Ireland increased from 439,100 in May to 444,900 in June an increase of 37,200 compared with the same time last year. Unemployment in the Republic of Ireland has now reached 13.4%

Experts say that Ireland’s GDP rose due to a surge in exports and increased foreign investment. 

Meanwhile, One of Ireland’s largest RealEstate companies, Sherry Fitzgerald, said last night that house prices in Dublin have dropped by more than 50% since the beginning of the recession while houses prices nationwide have dropped by 13% in the last year.

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