Ireland exits recession

Ireland emerged from a deep recession in the third quarter as it grew 0.3 percent compared with the previous three months, official data showed on Thursday.
The joy was dampened however by data showing gross domestic product (GDP) had shrunk 7.4 percent in the three months to September, compared with the same period of 2008.
"Initial estimates ... on a seasonally adjusted basis, for the third quarter of 2009 show ... a small increase of 0.3 percent in GDP compared with the previous quarter," the Central Statistics Office (CSO) said in a statement.
Ireland's former roaring Celtic Tiger economy tumbled into a vicous recession during the first half of 2008, becoming the first eurozone nation to do so.
The widely-used definition of a recession is two or more successive quarters of successive economic contraction, which means that Ireland has now technically escaped its downturn.