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Recession officially over

Paddy Samurai

Hurrraaaah!.............break open the champagne,we are all rich again.:D

Might buy myself a few investment properties.......eh if i can get a bank loan.

The Irish recession officially ended at the start of the year, new figures revealed today.
According to the Central Statistics Office (CSO), the value of all goods and services in the country, measured by GDP, grew by 2.7pc in the first three months of 2010 compared with the last three months of last year.
GDP fell by a record 7.1pc last year - the largest decline in output recorded in a single year.

http://www.independent.ie/business/irish/recession-officially-over-2240269.html

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JONJO THE MISER

The guy who owns the copyright to ' In These Recessionary times' wont be too happy to hear this.

The Citizen

The recession ends, the boom begins...
The boom ends, the recession begins...

Tonight, the city sleeps in tranquil content, but the war rages on!
The scum are showing no sign of bringing their reign to an end.
We must prepare, for the battle is coming...
And unless the scum is annihilated, this has all been for nothing.

:mad:

dan719

The Citizen wrote: »

The recession ends, the boom begins...
The boom ends, the recession begins...

Tonight, the city sleeps in tranquil content, but the war rages on!
The scum are showing no sign of bringing their reign to an end.
We must prepare, for the battle is coming...
And unless the scum is annihilated, this has all been for nothing.

:mad:

It got old a while ago, now. Please stop.

Killer Pigeon

Nah, we're still going to be in the same situation we're in now for the next year or so. We're now living in an era of statistical illusion.

galwayrush

Best laugh i had in ages, those people in Government................. natural comedians.:rolleyes:

Gunsfortoys

Lets hope the 5 thousand or so people that signed on the dole last month find this comforting. Or the 450,000 currently on the dole. With the banking sector entering reconsolidation there will be at least 20,000 on the dole by this time next year. Recession ended, what crap.

thetonynator

R_H_C_P wrote: »

if you belive the recession is over, then you belive **** can fly.

Its good to see the euro decline, maybe it will encourage more businesses to this ****e hole.

Didn't think the swear filter wouldn't allow ''pigs''

:D:D:D

Gunsfortoys

thetonynator wrote: »

Didn't think the swear filter wouldn't allow ''pigs''

:D:D:D

Members of the guards probably enforced it.:p

Celly Smunt

now that we're "out of recession" looks like fine fail will get my vote next time round,the devil ya know is better than the devil ya don't :rolleyes:

Killer Pigeon

LOTS OF THIS!!

... then wake up in the morning with a pounding hangover and realise that we're still all poor ... damn you Fianna Fáil!!

Amhran Nua

narwog81 wrote: »

GDP accounts for all the profit that multinationals are putting throught heir books in Ireland.

This is the correct answer. There's about €50 billion repatriated to the US and other countries every year, after using Ireland as a tax haven clearing house to reduce the taxes they pay. Increases in this amount mean nothing whatsoever to the actual Irish economy.

Also, I don't think the number of unemployed reported by the CSO reflects the true quantity, since people in FAS courses and the like aren't counted. I believe the minister responsible put aside enough funds in the last budget to cover some 150,000 people in various courses which naturally are focusing on the vital area of construction.

That the number is increasing despite the best efforts on the part of the lads in the publican's party to mask it is quite worrying.

We're a long way from out of the woods yet folks, and we won't get there until there is a solid plan in government beyond "property". They pretended that speculation was investment, borrowing was income, and money-multiplication through circular lending was economic growth.

And hidden among these obvious insanities is a much more subtle one that will snap the rubber band: they track money borrowed to speculate as risk at the interest rate of the loan, not at the rate-of-ruin of the speculation. The band snaps when the international markets get tired of believing that the minor austerity measures taken so far will have any real impact on the deficit, and start to ask where precisely future growth is meant to come from.

ScumLord

Killer Pigeon wrote: »

LOTS OF THIS!!

... then wake up in the morning with a pounding hangover and realise that we're still all poor ... damn you Fianna Fáil!!

That's a recession session we want back to the good old days of boom times.

limklad

jordan.. wrote: »

news headlines

recession over followed by record unemployment :rolleyes:

Yes all results in positive territory. They are breaking out the champagne at our expense.

They will tell us at the next election that they did a wonderful job in getting us out of the deep recession. :rolleyes: and they hope and pray to god we won't remember who put is into that deep sh*te recession.

Pittens

This is what is driving the rise in GDP, Multinational exports, don't be fooled!

Who is being fooled. That is exactly what furled the original boom - the real boom - from 1992 to 2001. During which time the unemployment rate was about 10% for a considerable time and people were complaining, as they always do at the end of the recession, about jobless growth.

We're a long way from out of the woods yet folks, and we won't get there until there is a solid plan in government beyond "property". They pretended that speculation was investment, borrowing was income, and money-multiplication through circular lending was economic growth.

Quite, but isnt it great that Ireland's GDP is growing? And that the exporter are leading the pack....?

Anyway 2.7% a year will take some time to mop up the 14% unemployed but it will eventually ( unless all the new employees are immigrants).

Celly Smunt

Pittens wrote: »

Who is being fooled. That is exactly what furled the original boom - the real boom - from 1992 to 2001. During which time the unemployment rate was about 10% for a considerable time and people were complaining, as they always do at the end of the recession, about jobless growth.

Quite, but isnt it great that Ireland's GDP is growing? And that the exporter are leading the pack....?

Anyway 2.7% a year will take some time to mop up the 14% unemployed but it will eventually ( unless all the new employees are immigrants).

that doesn't make the slightest bit of difference..

Amhran Nua

Pittens wrote: »

Quite, but isnt it great that Ireland's GDP is growing? And that the exporter are leading the pack....?

You miss the point - as far as the Irish economy is concerned they aren't exporters, they may as well not exist. We have quite an unusual setup in this country, it can't really be compared to the standard model.

Pittens

that doesn't make the slightest bit of difference..

new immigrants. Of course it does.

Pittens

You miss the point - as far as the Irish economy is concerned they aren't exporters, they may as well not exist. We have quite an unusual setup in this country, it can't really be compared to the standard model

You are assuming all the growth is transfer pricing. I am assuming it is not.

topper75

Pittens wrote: »

You are assuming all the growth is transfer pricing. I am assuming it is not.

Well said. This transfer pricing concept was not born on Jan 1 2010.

Still laughing at amount of ignoramuses on this thread, who haven't the first clue about economics, and think that a recession is defined by levels of unemployment or job opportunities.

It may not be the growth we want.

But any growth is growth, so the recession is over. The economy is no longer receding - get it?

Amhran Nua

Pittens wrote: »

You are assuming all the growth is transfer pricing. I am assuming it is not.

Look at the GNP for a more correct picture of the economy, no assumptions required.

Gross domestic product (GDP) is defined as the "value of all final goods and services produced in a country in 1 year".

Gross National Product (GNP) is defined as the market value of all goods and services produced in one year by labour and property supplied by the residents of a country.

Dyr

*wipes arse with fistful of 5c coins*

It's just not the same as the celtic tiger era.:(

Amhran Nua

topper75 wrote: »

Still laughing at amount of ignoramuses on this thread, who haven't the first clue about economics, and think that a recession is defined by levels of unemployment or job opportunities.

To be honest I don't care what definition of a recession you are using. At the end of the day we are still losing jobs, the government is still running a massive deficit which will eventually be priced at its proper speculative punitive interest rate by the markets, and could you explain to us where and how this situation will be reversed?

PeterIanStaker

Recessions over? great! Does this mean I can go back to putting sparkling San Pellegrino in the car washwipe?

Pittens

Amhran Nua wrote: »

Look at the GNP for a more correct picture of the economy, no assumptions required.

Gross domestic product (GDP) is defined as the "value of all final goods and services produced in a country in 1 year".

Gross National Product (GNP) is defined as the market value of all goods and services produced in one year by labour and property supplied by the residents of a country.

You know the fact that I mentioned transfer pricing means I know the difference. If you think that the growth in the quarter is due to an increased repatriation of profits by MNCs to Ireland then why did we ever see GDP decline, and since the decline has reversed what changed?

I assume, simply, that the MNCs have no reason to repatriate more profit to Ireland this quarter than last and therefore, what we are seeing is very real growth in the non-indigenous sector. Which is what happened in 1992.

Amhran Nua

Pittens wrote: »

You know the fact that I mentioned transfer pricing means I know the difference. If you think that the growth in the quarter is due to an increased repatriation of profits by MNCs to Ireland then why did we ever see GDP decline, and since the decline has reversed what changed?

I assume, simply, that the MNCs have no reason to repatriate more profit to Ireland this quarter than last and therefore, what we are seeing is very real growth in the non-indigenous sector. Which is what happened in 1992.

I had to read this post a few times to make any sense of it; they aren't repatriating profits to Ireland, but to other countries. This might be why you are confused about the situation.

Pittens

ey aren't repatriating profits to Ireland, but to other countries.

The term repatriating may be wrong since it means to the HQ countries. Nevertheless the simple question I asked still stands, and you could have worked it out, were you capable of anything more than sloganeering.

To put my simple post in even simpler form for your simple self.

In the quarter under discussion GDP grew.
In the previous quarter it fell.

Why the difference?

My simple claim is that this is very real growth in the exports and wealth creation in Ireland in that quarter. That would be the simpler solution. WHAT EXACTLY ARE YOU SAYING? Why would MNCS declare more economic activity in that quarter if it didn't happen? The difference between GDP and GNP applies every month. Why is that not actual growth in the Irish economy. If you are claiming that the MNC's declared more profit in Ireland in this quarter based on economic growth elsewhere then why did that not happen in the previous quarter? And where did it come from? Sources.....

Simple stuff. Get over the fact that you can quote the differences between GDP and GNP - a 14 year old would know that.

You are claiming that the increase in GDP is irrelevant. Prove it. Sources.