The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday.
The two leading economies both managed 0.2-per-cent growth in the July-to-September period.
But the resilience could not save the austerity-hit 17-nation bloc from overall contraction as the likes of The Netherlands, Spain, Italy and Austria shrank.
Economic output in the euro zone fell 0.1 per cent in the quarter, following a 0.2-per-cent drop in the second quarter.
Those two quarters of contraction put the euro zone’s €9.4-trillion ($12-trillion U.S.) economy in recession, although Italy and Spain have been contracting for a year already and Greece is suffering an outright depression.
A rebound in Europe is still far off…
Choosen excerpts by Job Market Monitor from
via Euro zone slips into second recession since 2009 – The Globe and Mail.
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