Saturday, November 15, 2008

Eurozone officially in recession

The euro zone is in its first ever technical recession after the economy contracted for the second time in a row quarter-on-quarter in the July-September period, an official estimate showed on Friday.

The European Union's statistics office, Eurostat, estimated that the economy of the 15 countries using the euro shrank 0.2 percent in July-September against the previous quarter after contracting by the same amount in April-June.

Germany and Spain declined for the second straight quarter, while France was one bit of good news, it's economy expanded in the third quarter.

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