Consumer spending in Ireland had its biggest annual fall from January 2008 to January 2009 with a 20% decrease. This was the largest fall since records began in 1974. Motor sales had the biggest decline with car sales continuing to fall by over 40% last year. Furniture and electrical goods recorded a fall of 30% and 25% respectively. Read the full report from the CSO.
As discussed in class last week, a business can have 3 financial problems:
There are many examples of Irish and international companies experiencing financial problems. Click on each of the above links to see an example of a business with these financial problems.
Here is another example from yesterday’s Irish Independent.