Ireland Shores Up For Tough Economic Times Amid Launch Of ETF

Since the launch of NETS ISEQ 20 Index (IQE) exchange traded fund (ETF), the Irish economy can’t seem to get out of its slump.

As of August, their economy continued to retract, with activity, backlogs, and employment all declining at record rates, reports The FinFacts team. Among the main findings of a survey include:

• A contraction of new orders, and a continuation in the downtrend of new orders. Volumes of new work fell for the ninth straight month.
• A record decline in activity at private sector firms.
• An increase in job losses, and a sixth straight month of falling employment.

Meanwhile, the Irish Minister of Finance is seeking to breach the Maastricht rules limiting government deficits in the eurozone and budget for a significant deficit next year to plan accordingly. Brian Lenihan is instructed to run a 5% deficit in 2009, in breach of the 3% rule, reports correspondent for The Irish Times.

IQE launched on June 16.