In a world of declining sales and shrinking revenue, it’s hard to find much to like.
Yet it’s no secret that the Irish economy is in recession, with the country’s gross domestic product (GDP) falling by a quarter to 1.2 per cent in the first quarter of this year.
The problem is that the recession has not only hit the Irish manufacturing sector, but also has left some sectors that rely on exports feeling the pinch, particularly with exports to the United States and Europe facing a steep slowdown.
The latest figures from the Department of Finance show that exports of services to Ireland are expected to grow by just over 1 per cent this year, and by nearly a third by 2020, while exports of goods to Ireland will grow by about 3 per cent.
However, that doesn’t necessarily mean that the downturn is just about services.
The growth in exports to Ireland is due to the fact that the country is in the midst of a “trade war” with its largest trading partner, the United Kingdom.
In fact, it is likely that if there had been a trade war, the Irish and UK economies would have been at a different stage of the downturn, and could have been able to bounce back from the downturn.
The Irish economy suffered a massive blow in the Brexit vote, with a major reduction in the value of sterling and a significant drop in the price of many items.
These are still the major drivers of growth for the Irish exports, and the country still relies on the United Kingdon to export some goods, such as cars, to the UK.
This has made the Irish sector dependent on the UK to provide a lot of its goods, which in turn has hurt exports to it.
The Irish are already struggling with the loss of manufacturing jobs and a shortage of skilled workers in Ireland due to Brexit.
There is some good news for the export sector.
The UK’s economy is showing signs of recovery and is expected to show strong growth in the second half of the year.
But the UK is still facing the challenge of dealing with the Brexit aftermath, with many companies having to close down operations in the wake of the vote.
The impact of Brexit will not only impact the Irish business community, but will have a lasting impact on the wider economy.
The economic crisis has not been entirely avoided, with some companies already announcing plans to leave the EU and others having already closed down.
For Ireland, the problem is compounded by the fact the Irish have only about 6 per cent of the world’s manufacturing capacity.
The economic downturn is also having a serious effect on other sectors, as the impact on exports is already evident.
The impact on services, such in the case of the IRL, is also a huge concern.
The country is suffering from an economic crisis of epic proportions, as exports have declined by more than 90 per cent since 2009.
This means that services in Ireland, such at the banking sector, are struggling to make a living.
In addition, the economic downturn has made Ireland more reliant on the services sector, with Irish banks already reporting a €40 billion shortfall in the third quarter of 2016.
In an attempt to address the problem, the Government is pushing ahead with plans to raise the minimum wage from the current €11.20 an hour to €15.70 an hour by 2021.
However it is not clear whether this will be enough to make up for the economic crisis, and it will also take some time for the Government to find a solution to the other issues that are affecting the Irish.
What we think you need to know about:The Irish stock market was down for most of the trading day on Tuesday.
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