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Eurozone Slides into Recession
The economy of the eurozone, which contracted 0.2% in the second quarter of this year, shrank 0.1% in the July-September period, according to Eurostat, the EU statistics agency.
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The economy of the eurozone, which contracted 0.2% in the second quarter of this year, shrank 0.1% in the July-September period, according to Eurostat, the EU statistics agency.
The data confirms that the region's economy has slipped back into recession, which is defined as two consecutive quarters of contraction.
Economists warn that the region's gross domestic product could decline more sharply in the final three months of this year. The prospect is spreading gloom among foreign companies that rely on Europe for a significant portion of their sales.
The broader EU economy, which shrank 0.2% in the April-June period, eked out 0.1% growth in the third quarter.
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