Daft Property - Irish Property News

Nation might take 15 years to recover Economy has shrunk by 'catastrophic' 22pc on peak, figures reveal. Ireland's economy has "fallen off a cliff" and could take more than 15 years to recover as new figures reveal it has shrunk by 22 per cent from its peak. A loss of more than a fifth of the country's domestic trade, particularly in the retail sector, in such a short period of time has been branded a catastrophe by the opposition and by the Irish Small and Medium Enterprises Association (ISME). The domestic economy, the day-to-day business of trading, has been decimated and to a far greater extent than previously thought. According to official CSO quarterly National Accounts figures, since the peak of Ireland's economic wealth creation in the first quarter of 2007, Ireland's economy has reduced by a frightening 22 per cent. From that peak period in early 2007, GNP figures (the domestic economy) had plummeted by just under 25 per cent in mi...