Saturday, November 15, 2008
It’s official - the euro zone is in recession.
The eurozone's economy shrank 0.2% from July to September, creating the start of the region's first technical recession, according to the EU's statistics office. That is the second consecutive quarterly decline. France, the eurozone's second-largest economy, resisted the trend, pumping out 0.1% growth. But Nos. 1, 3 and 4 -- Germany, Italy and Spain, respectively -- all moved into decline, dragging the overall figure into negative territory.
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