One More Thing: Green shoots for the really desperate

 

News of three consecutive quarters of negative growth, planting us firmly back in recession, came yesterday just as the rain began to fall on Government Buildings where the CSO was holding its quarterly briefing.

A 0.6 per cent contraction in GDP was greater than most had expected and, coming as it did in the week of the Anglo tapes revelations, it won’t help to improve the mood of the average family or loosen their purse strings.

Those who are particularly desperate (and we really mean desperate) for the solace of green shoots may have chosen yesterday to look across the water to the CSO’s UK statistical cousin, the Office of National Statistics (ONS), which confirmed that last year’s UK’s double-dip recession wasn’t a double-dip recession after all.

The revelation came as the ONS revised a 0.1 per cent quarterly contraction from last year up to flat growth (or no growth, to be accurate).

And so, with one bound, they were free, ignoring the fact that further revisions meant the downturn of 2008 and 2009 was actually deeper than judged at the time.

To put this in the Irish context, yesterday’s 0.6 per cent decline was too hefty to dismiss. The 0.1 per cent fall recorded in the previous quarter could be fairer game for revision however, maybe, when considered in a certain light . . . We did say we were desperate.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.