With all attention on the UK and US economies at the moment it is easy to ignore developments elsewhere. It is reported thet the Irish Republic's economy has fallen into recession after shrinking for a second quarter in succession. The Central Statistics Office (CSO) said gross domestic product (GDP) had contracted by 0.5% in the three months to the end of June. The economy had shrunk by 0.3% in the first quarter of the year. It is the first time Ireland has experienced a recession since 1983. The economy is now facing its most difficult period since high unemployment and emigration hit in the early 1980s. The New Zealand statistics agency says the economy has gone into recession for the first time since 1998. Gross domestic product shrank 0.3% in the first quarter, and 0.2% in the second quarter this year. But annual growth until June remained positive. New Zealand is suffering from the global credit crunch, rising food and fuel prices, and drought which cut production in agricultural industries.
Links: Irish economy goes into recession
New Zealand slips into recession
What is the technical definition of a recession? What key features characterise a rescession?
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