Recession ends but unemployment increases


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Ireland has today officially emerged from recession.

Figures from the CSO show the first positive growth in the economy since the end of 2007.

In the first quarter of 2010, Gross Domestic Product, the value of goods and services produced in the country, was at €41.7bn, a 2.7% increase on the previous quarter.

This is tempered by a decline of 0.5% in GNP compared with the previous quarter, as well as news that the unemployment rate in June has risen to 13.4%.

Consumer spending (personal consumption of goods and services) in volume terms was 0.8% lower in Q1 2010 compared with the same period of the previous year.

Capital investment, in constant prices, declined by 30% in Q1 2010 compared with Q1 2009.

Net Exports (exports minus imports) in constant prices were €2.6bn higher in Q1 2010 compared with Q1 2009.

The volume of output of industry (including construction) increased by 7.7% in Q1 2010 compared with Q1 2009. Within this, the output of the Construction sector fell by 35% over the same period.