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EU data confirms eurozone’s first recession in Q3

EU data confirms eurozone’s first recession in Q3
AFP
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First Published: Thu, Jan 08 2009. 04 05 PM IST
Updated: Thu, Jan 08 2009. 04 05 PM IST
Brussels: The eurozone economy entered its first official recession in the third quarter, EU data confirmed in a third reading on Thursday.
Facing the worst financial crisis in generations, the bloc’s combined economy shrank by 0.2% in the third quarter after contracting by the same amount in the second quarter, the Eurostat data agency said.
The slump marks the first recession, which economists usually define as two quarters running of contraction, that the bloc has suffered since it was formed in 1999.
The 27-nation European Union escaped recession by a narrow margin with the economy shrinking 0.2% in the third quarter and flat-lining in the second quarter.
On a 12-month basis, eurozone growth slowed in the third quarter to 0.6% from 1.4% in the previous quarter while EU growth fell to 0.8%
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First Published: Thu, Jan 08 2009. 04 05 PM IST