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Euro zone sinks into recession: official data

Euro zone sinks into recession: official data
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First Published: Fri, Nov 14 2008. 08 22 PM IST
Updated: Fri, Nov 14 2008. 08 22 PM IST
AFP
Brussels: The economy of the 15 nations sharing the euro has slumped into recession for the first time ever, EU data released Friday revealed, with GDP falling 0.2% in the second and third quarters.
The 27-nation EU as a whole avoided the same fate only by recording zero, rather than negative, growth in the second quarter
On a 12-month comparison, the eurozone economy grew 0.7% in the third quarter, down sharply from 1.7% in the previous quarter, the official Eurostat agency said.
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First Published: Fri, Nov 14 2008. 08 22 PM IST