Irish economy in contraction of 1.6 %

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24 March 2011 last updated at 12: 24 GMT the Irish Republic has one of the deepest recessions in Europe of the Republic of Ireland's struggling economy shrank by 1.6% in the fourth quarter as consumer spending and exports fell, suffered.

The decline compared with a stretch 0.6% of gross domestic product in the third quarter, according to the central statistics.

The fourth quarter figure meant that the economy, supports Bail-Out to 1% for the year dwindled by a euro-zone.

0.4% On the quarter and investment fell consumer spending deleted 2.3%.

On the quarter, 1.4% decreased exports, while imports slipped 0.1%.

Irish property and banking collapse brought the country close, financial crisis.

Dublin has so far forced total lending EUR (£ 29. 56bn;$ 48bn) by a European and IMF-funded Bail-Out package and cost-cutting measures.

The results of stress tests on the Republic are banks to determine how much more capital, they must be due on 31 March.