Eurozone in recession as GDP down 0.1 pct inQ3

Eurozone in recession as GDP down 0.1 pct inQ3

(Xinhua)

09:20, November 16, 2012   

BRUSSELS, Nov. 15 (Xinhua) -- The GDP of the 17-nation eurozone fell by 0.1 percentduring the third quarter of 2012 from the previous three months, figures from thestatistical office of the European Union (EU) showed on Thursday.

According to flash estimates published by Eurostat, the GDP in the wider 27-memberEU, meanwhile, rose by 0.1 percent. In the April-June period, the eurozone and the EUboth saw their economic output contract by 0.2 percent.

This means the eurozone has officially fallen into technical recession, which is definedby two consecutive quarters of decline, though probably a short-lived one.

The European Commission has forecast the eurozone economy could return to positivegrowth in 2013.

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