by Christopher Freeburn | November 15, 2012 12:40 pm
The eurozone is back in recession. Data from Eurostat, which compiles economic statistics for members of the European Union, found that the organization’s collective economy has contracted for a second consecutive quarter.
During the third quarter, the eurzone’s gross domestic product slipped 0.1%. That was narrowly better than the 0.2% dip recorded during the second quarter, the New York Times noted.
French GDP bucked economists’ forecasts, expanding at 0.2%, while Italy’s 0.2% decline was better than anticipated. However, Germany’s GDP rose only 0.2%, down from 0.3% growth in the prior quarter. Economists expect Germany’s economy to continue to slow during the current quarter and into next year as exports decline.
The eurzone has now experienced four straight quarters of flat or negative growth. Unemployment across Europe stands at 11.6%. Economists expect the recession to worsen in the fourth quarter.
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