The CSO says that on an annual basis, GDP fell by 0.1% and GNP was down 4.2%. Consumer spending and government spending both fell by 1.3% during the third quarter, while investment slumped by 20.9%. Exports increased by 0.8%.

Compared to the previous 12 months, consumer spending and government spending both fell by 3.9% while investment slumped by 22.2%.

For the first nine months of 2011, there was a balance of payments deficit of $895 million, compared with a deficit of $1 billion in the same period last year.

Meanwhile, credit ratings agency Fitch stated that Ireland and six other European governments were on “negative credit watch.”

“Following the EU summit on 9-10 December, Fitch has concluded that a ‘comprehensive solution’ to the euro zone crisis is technically and politically beyond reach,” it said