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The economy and government finances began to show signs of impending recession by the end of 2007 when tax revenues fell short of the 2007 annual budget forecast by €2.3 billion (5%), with stamp duties and income tax both falling short by €0.8 billion (19% and 5%) resulting in the 2007 general government budget surplus of €2.3 billion (1.2% of GDP) being wiped out.
The early 2000s recession was a major decline in economic activity which mainly occurred in developed countries. The recession affected the European Union during 2000 and 2001 and the United States from March to November 2001. [ 1 ]
The economic history of the Republic of Ireland effectively began in 1922, when the then Irish Free State won independence from the United Kingdom. [2] The state was plagued by poverty and emigration until the 1960s when an upturn led to the reversal of long term population decline .
The Irish economy expanded at an average rate of 9.4% between 1995 and 2000, and continued to grow at an average rate of 5.9% during the following decade until 2008, when it fell into recession. Ireland's rapid economic growth has been described as a rare example of a Western country matching the growth of East Asian nations, i.e. the 'Four ...
From 1945 to 1960 Ireland missed out on the European economic boom across Europe, and 500,000 people emigrated. A major policy change followed the issue of TK Whitaker's economic model in 1958, and the Republic slowly embraced the industrial world. Most Irish exports continued to go to Britain until 1969.
Shelbourne won the double of the League of Ireland Premier Division and the FAI Cup for the first time in their history. They then knocked out Macedonian side Sloga Jugomagnat in the first round of the 2000–01 UEFA Champions League qualifiers.
This is a timeline of Irish history, comprising important legal and territorial changes and political events in Ireland. To read about the background to these events, see History of Ireland . See also the list of Lords and Kings of Ireland , alongside Irish heads of state , and the list of years in Ireland .
The global recession was first seen in Europe, as Ireland was the first country to fall into recession from Q2-Q3 2007 – followed by temporary growth in Q4 2007 – and then a two-year-long recession. [1] Republic of Ireland in the first quarter of 2008 reported a contraction in GDP of 1.5 percent, its first economic contraction since it ...