Irish eyes no longer smiling
10 February 2009
Building activity in Ireland hit a record low last month, a key survey reveals.
The Ulster Bank Construction Purchasing Managers' Index fell to 25.7, beating the previous lowest number of 27.4, which was in December last year. This was lowest level of the index it began in 2000.
Ireland was the first country in the euro zone to enter recession last year and has already had its credit rating cut as public finances weaken and unemployment rises. GDP is forecast to shrink by as much as 4% in 2009.
The biggest fall in activity in the index was in commercial construction.
'The weakness is now being driven by commercial activity and also by civil engineering which is rapidly falling off,' said Ulster Bank Chief Economist Pat McArdle.

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