In constant prices, GDP fell to 195.2 billion euro from 208.5 billion euro in 2011. Allowing for inflation, GDP fell to 193.7 billion euro (reduced by 7.1 per cent compared to 2011.

The shrinking of the economy was the result of further reductions in spending and investment. Household spending fell by 9.1 per cent while gross capital formation was reduced by 19.2 per cent.

Exports of goods and services also fell by 2.4 per cent, while imports fell by a much faster rate of 13.8 per cent.