@akerosid {watching out, thread drift ....}
Unfortunately that's not correct.
The generally accepted definition of a recession is two, or more, consecutive quarters of economic contraction (or negative growth) as measured by real GDP. In order to exit recession an economy merely has to break the run of back to back negative quarters. So, one quarter of growth, or even of 0% in real GDP following several of contraction would mean said economy had exited recession, even if it were to slip back into a decline after that. In fact, in extremis, an economy can have a massive negative quarter, followed by a flat or slight up quarter, followed by a massive down, followed by a flat .... [repeat as you you see fit] and while it would be suffering from significant contraction would not 'technically' be in recession as it did not have consecutive negative quarters.
That said, the figures being 'hailed' for Ireland as growth in Q3 09 is seasonally adjusted GDP which, as it's an adjusted figure and not a real (i.e. unadjusted) one does not count for defining if 'we' are in or out of recession.
Sorry to burst any warm fuzzy bubble that had been created by the premature calling of the end of the recession.
JAS
Last edited by Just a spotter; 21st Dec 2009 at 08:10.