Ireland falls back into recession as slowdown hits exports

Ireland fell back into recession in the last quarter of 2011, according to official figures released on Thursday.

Its economy shrank by 0.2% from October to December, following a contraction of 1.1% in the third quarter, as a slowdown in global demand hit exports. Reduced domestic spending also contributed to the economic weakness. Ireland, which received an internation bailout in 2010, now joins fellow eurozone countries Belgium, the Netherlands, Italy, Portugal and Greece in recession. In November 2010, the Irish government was awarded €85bn euros (£71bn) of emergency loans from the International Monetary Fund and European Union, as it struggled to cope with big debts and the high cost of it...