Irish Economic Outlook: Dire recession nears the end: difficult recovery to begin

The dramatic decline in the Irish economy continued into the second quarter of this year, the fifth consecutive quarter of decline. The damage wreaked by this recession has been immense, whether seen through the collapse in house building, the surge in unemployment, the decimation of Government tax revenue, or the sharp decline in consumer demand. The more positive news is that the pace of decline has eased in the second quarter. A number of indicators of activity, whether soft (consumer