Irish Finance Minister Brian Lenihan has acknowledged industry gloom by stating that the construction sector boom is coming to a "shuddering end".

Speaking at the weekend, the minister raised his concerns with European construction delegates, at a conference in Dublin Castle.

Mr Lenihan added further injury to his claim by saying he had the "misfortune" of overseeing the economy at a time when the building sector is slowing, amid the global 'credit crunch'.

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The Irish market is facing heightened inflation, according to Mr Lenihan.

The minister described counter-balancing a domestic market adjustment in the midst of an ongoing international credit squeeze as "unfortunate".

The minister said he would not dwell on the matter, but felt it was appropriate to raise this issue with EU industry delegates, in order to prove that the union cannot control certain international economic factors.

The Finance Minister’s address came after new CSO figures reported a 10% reduction in planning approvals during the last year.

See: 10% Fall In Irish Planning Approvals

(PR/JM)