30/06/2009

No 'Green Shoots' – Fine Gael

Fine Gael have cast a dark cloud over Ireland's economic position denying there are any 'green shoots' - signifying the beginning of recovery.

Fine Gael's Deputy Leader and Finance Spokesman Richard Bruton said the figures from the Central Statistics Office (CSO) suggested talk of the green shoots of economic recovery were "sadly premature", and instead revealed "unprecedented contraction" in the Irish economy over the last 12 months.

"There is no sign of the long-awaited green shoots of recovery in the CSO's latest set of economic figures. But there is plenty of evidence of the serious failure of Fianna Fáil policy in recent years, and how the recession was largely driven by Government mistakes," the opposition member said.

He added: "By the first quarter of this year, Gross National Product had fallen by a staggering 12% in 12 months, and by 4.5% since the last quarter of 2008."

The quarterly figures for this year also showed a fall of 8.5% in Gross Domestic Product, which represents the value of products and services created in the state.

The Fine Gael TD added that the fall in personal consumption had fallen by 6.2% from the last quarter, which would have a knock-on effect on jobs throughout the economy.

"The economy is now paying the price for Fianna Fáil’s litany of mistakes in Government. Job creation will be Fine Gael's first priority in government."

(DW/BMCC)

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