Record decline hits Irish economy

becoming - stając się
Once known as the Celtic Tiger due to the strong growth it enjoyed, Ireland has experienced a sharp downturn, becoming the first eurozone country to fall into recession in 2008.

collapse - załamanie
Analysts suggest Ireland is having a tougher time than most during the recession because added to the general economic crisis it is also dealing with a dramatic collapse in house building.

dwelling - mieszkanie
At its peak in 2006 90,000 dwellings were built.

to spread - rozprzestrzeniać się
It has now spread to commercial developments and to general contracts and projects like schools and hospitals

deteriorating - pogarszający się
Ireland's deteriorating economy has also hit public finances hard.

to defer - wstrzymywać się, odraczać
The country is also suffering from deflation - a period of falling prices - which could pose a big risk for the economy because it encourages people to defer purchases in the hope of getting them cheaper later on.