Ireland's Central Statistics Office says the country's economy has entered a recession.
Irish gross domestic product (GDP) shrank by 0.3 and 0.5 percent in this year's first and second quarter. The technical definition of a recession is two or more successive quarters of negative economic growth. Ireland is the first of the 15 European countries that use the euro to fall into a recession in the current market turmoil, but the European Commission has warned that Germany and Spain could soon follow.
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