Eurozone in historic recession

Article published on Nov. 14, 2008
Article published on Nov. 14, 2008
On 13 November, Germany followed Italy with news of an official shrinking economy. It’s the first time the 15-nation region is hit since it was created in 1999

According to the latest Eurostat reports, in the third quarter of 2008 the economy shrank by 0.2%. It’s the second quarter of negative growth – the first was between April and June – and two in a row signifies recession. In comparison to the third quarter this time last year, the eurozone recorded a growth of 0.7%, whilst the EU’s GDP grew by 0.8%.