Ireland officially out of recession in the first quarter

Ireland officially out of recession in the first quarter of 2010, when its economy grew for the first time after two years of contraction, according to official figures announced on Wednesday.

The Irish economy grew by 2.7% over the previous quarter of 2009 and shrank by 0.7% in the first quarter of 2009, said the Central Statistical Office (CSO) of Ireland.

Ireland, which has long been the leader of the euro area growth, was the first country in the bloc into recession in early 2008, after the credit crisis prick a housing bubble.

Among developed countries, Ireland was one of the hardest hit during the crisis and his record falls recorded Gross Domestic Product (GDP) in 2008 and 2009.