New York University Professor Nouriel Roubini said Ireland’s economy is “clearly double-dipping” after a report today showed the country’s services sector contracted in December for the first time in 2011.
He made the comment on social networking site Twitter.
Services activity fell to 48.4 last month from 52.7 in November, the first decline in 2011, Dublin-based NCB Stockbrokers said in a report today. Domestic demand remains “extremely weak,” NCB said.
Ireland's economy shrank at the fastest pace in two years in the third quarter of 2011 as cooling global demand dented the country's hopes of an export-led recovery. Last month, Finance Minister Michael Noonan cut growth projections for the economy in 2012 to 1.3 percent from 1.6 percent, as the euro-region debt crisis escalated.
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