GDP and GNP both decline, seasonally adjusted

Dreaded_Estate

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http://www.cso.ie/releasespublications/documents/economy/current/qna.pdf

Initial estimates for the second quarter of 2010 show a decrease, on a seasonally adjusted basis, of 1.2 per cent in GDP and a fall of 0.3 per cent in GNP compared with the previous quarter. In quarter 1 there was an increase of 2.2 per cent in GDP and a decrease of 1.2 per cent in GNP compared to Quarter 4 ‘09. In comparison with the corresponding quarter of last year, GDP in constant prices was 1.8 per cent lower while GNP was 4.1 per cent lower.
 


DCon

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But but but

see my signature
 

alonso

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DCon

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no surprise:

Capital investment, in constant prices, declined by 19.9 per cent in Q2 2010
compared with Q2 2009.
 

HarshBuzz

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the Great Irish Depression continues
 

grafter1

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I thought we were in the midst of 1-2% growth.

Again the people have been lied to and mislead.

This is a great depression and with the IMF on the way in how can things possibly get any better.

I just hope Biffo and all those over paid state agencies devised a plan to create 500,000 jobs yesterday!
 

Tommythecommy

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That will have an effect on the sacred debt to gdp ratio

That will have an effect on the sacred debt to gdp ratio

Watch this impact on the bond markets
 

grafter1

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That will have an effect on the sacred debt to gdp ratio

Watch this impact on the bond markets
There was obviously a leak of this news this morning as the bond yields jumped about an hour ago.

The Financial system isn't rigged at all!

FYI - Look at the piece on zerohedge about Bill Gross of Pimco to understand just how rigged the whole thing is
 

DCon

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I thought the economy was growing? Lenihan said last week everything was ok.
I doubt Lenihan can remember the last time he told the truth
 

DCon

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CNBC reporting that Lenihan, maybe, possibly, potentially looking at the option of making Bank subordinated debt holders feel some pain..
 

grafter1

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CNBC reporting that Lenihan, maybe, possibly, potentially looking at the option of making Bank subordinated debt holders feel some pain..
Big deal. There'a bout 2Bn subordinated left on the books of Anglo.

If we save 50% (1Bn) thats great of course but we're adding close to 1Bn every 2 weeks to the national debt through our expertise at p***ing money down the drain.

And in any case subordinated debt holders in Anglo already took a haircut. The total amount at September 2008 was 5bn. I believe a haircut of 1-1.3Bn was made on the 3Bn bought back. (Open to correction on the exact figures)
 

Tom245

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They will blame the CSO for being negative and talking down the economy.
 

DCon

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Big deal. There'a bout 2Bn subordinated left on the books of Anglo.

If we save 50% (1Bn) thats great of course but we're adding close to 1Bn every 2 weeks to the national debt through our expertise at p***ing money down the drain.

And in any case subordinated debt holders in Anglo already took a haircut. The total amount at September 2008 was 5bn. I believe a haircut of 1-1.3Bn was made on the 3Bn bought back. (Open to correction on the exact figures)
Yeah. Way too little, way too late.

Discussed here: http://ftalphaville.ft.com/blog/2010/09/23/350731/irelands-subordinated-bond-attack/

These are subordinated debt investors, which have been impacted for some time now by regulators’ penchant for the concept of burden-sharing for bondholders. Anglo Irish has about £1.7bn of subordinated debt on its books, according to the Examiner. These are currently worth about 30 per cent less than what that government-guarantee, which is due to run out on subordinated bonds at the end of this month, would imply."]These are subordinated debt investors, which have been impacted for some time now by regulators’ penchant for the concept of burden-sharing for bondholders. Anglo Irish has about £1.7bn of subordinated debt on its books, according to the Examiner. These are currently worth about 30 per cent less than what that government-guarantee, which is due to run out on subordinated bonds at the end of this month, would imply.
 

Glucose

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Ireland never emerged from recession in the 1st quarter.

It was all spin.

The economic depression will continue.
 

Tony Liar

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They will concentrate on net exports when spinning.
Exports by companies that send their profits to parent companies outside the state?

Companies that route these numbers through Ireland to gain from a lower tax rate?

Companies that employ no more than 150,000 in Ireland?
 

gijoe

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We are into double dip.

BTW this news is leading all the international financial news wires.
 


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