By Linda Young

Dublin, Ireland

Ireland fell back into recession during the last quarter of 2011, according to data from the Central Statistics Office.

The Irish economy contracted by 0.2 percent from October to December, after shrinking by 1.1 percent during the third quarter.

Although consumer spending rose by 0.5 percent in the fourth quarter of 2011, Ireland's exports fell by 1.1 percent.

Officials also revised growth estimates for the second quarter of 2012 to 1.1 percent from the prior estimate of 1.4 percent.

That fits the standard definition of a recession as being two consecutive quarters of contraction in a nation's gross domestic product.

The last time Ireland experienced a contraction of its GDP for two successive quarters was in 2009.

News that Ireland has slipped into a recession comes as the government tries to persuade lenders that bailed the nation out to give a break of $40.97 billion on promissory notes that propped up failed banks.

Ireland needed an international bailout in November 2010.

World - Ireland Slides Back into Recession | Global Viewpoint