The eurozone has officially fallen into recession it has been announced today as the third quarter has seen the economy shrink by 0.2%. This follows a fall in the previous month of 0.2% between April and June.
Two months of negative growth defines a technical recession. The news announced today was widely anticipated as two of the eurozones biggest economies, Italy and Germany, had already announced that they had fallen into a recession.
On Thursday Germany had announced that there economy had shrunk by 0.5% in the third quarter and with Germany’s economy being one of the biggest in the world the news was half expected. It is also believed that Spains economy will fall into recession in the next quarter because of the slump in household spending and the property crisis.
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