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It's back to 2003 for the Irish economy

The recession has wiped nine years off our wealth -- sending us back to the same year that Black Eyed Peas were riding high in the charts with Where Is The Love?, Iraq was invaded for the second time, and English rugby legend Jonny Wilkinson scored his last-minute World Cup-winning drop goal against the Australians.

Irish households are worth €448bn today -- just shy of the €453bn we were worth in late 2003, according to the latest Central Bank data.

Irish households were at their wealthiest in 2007, when our net worth (reflecting housing and financial assets, as well as debts) climbed to €724bn.

The collapse of the housing market is one of the main reasons that households have seen their wealth almost halve since 2007.

The value of savings and investments held by Irish households is well ahead of what it was in 2003 -- but the value of our homes is less than it was that year.

Sunday Indo Business