Ireland, which was the second euro-area nations to receive a bailout, contracted 1.6% in the fourth quarter of last year from 0.6% expansion in the three months ending September, where details showed that exports plunged 1.4%, imports slipped 0.1%, consumer spending fell 0.4% and investment dipped 2.3%, while on the annual basis, GDP dropped 0.7% from the prior -0.3%.