Quarterly Economic Commentary, Autumn 2008. With Special Article An Analysis of Revisions to Growth Rates in the Irish Quarterly National Accounts

Barrett, Alan and Kearney, Ide and Goggin, Jean and O'Brien, Martin (2008) Quarterly Economic Commentary, Autumn 2008. With Special Article An Analysis of Revisions to Growth Rates in the Irish Quarterly National Accounts. [Working Paper]

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Abstract

This Commentary is being prepared at a time when the world’s financial markets are in a state of unprecedented turmoil. The most recent events represent a serious escalation of the crisis. The failure of the US Congress to pass the Bush Administration’s first bail-out plan dominated the financial landscape last week, along with bail-outs such as those of Fortis in the Netherlands and Hypo Real Estate in Germany and the nationalisation of Bradford and Bingley in the UK. While the passing of the second Bush bail-out plan last Friday is a welcome development in terms of halting the slide towards chaos, the international situation still remains critical. The Government here has moved to restore confidence to the Irish financial system through its guarantees of all deposits and borrowings of six financial institutions. Other economic news within Ireland which has impacted upon our analysis includes poor third quarter Exchequer returns and an alarming rise in the numbers on the Live Register.

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