Gene Panasenko
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  • New York, NY
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Gene Panasenko
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Irish economy shrinks

Posted on December 17, 2011 at 12:01pm 0 Comments

The Republic of Ireland's economy shrank by almost 2% in the third quarter of 2011, compared with growth of 1.4% in the previous quarter.

GNP is down 2.2% on the quarter and down 4.2% on the year.

Meanwhile, the construction industry is stuck in a depression with output down 20% on the year.

The data was published as the International Monetary Fund (IMF) warned about the knock-on effect of weak economic growth outside Ireland.

France's outlook revised.

Posted on December 17, 2011 at 11:56am 0 Comments

Ratings agency Fitch has affirmed France's top-notch AAA credit rating but has revised its outlook on the country to "negative" from "stable".

The six countries already had a negative outlook.

Their ratings have now been placed in "credit watch negative", which means a downgrade is possible within three months.

Standard & Poor's, a different agency, warned earlier this month that France's rating could suffer over the eurozone crisis.

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