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It’s Official: Eurozone Is in 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 broader EU economy, which shrank 0.2% in the April-June period, eked out 0.1% growth in the third quarter.
Germany's GDP continues to defy the trend, notching 0.2% expansion in the latest quarter. France went from a flat second quarter to 0.2% growth in July-September.
Italy's contraction moderated from 0.7% in the second quarter to 0.2%. Spain's economy continues to shrink, falling 0.3% in the third quarter.
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