The Euro Area is now officially into a recession
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The Euro Area has now suffered it’s second quarter of negative growth, putting it officially into recession. GDP declined by 0.2% in both the euro area (EA15) and the EU27 during the third quarter of 2008, compared with the previous quarter, according to flash estimates published by Eurostat, the Statistical Office of the European Communities. In the second quarter of 2008, growth rates were -0.2% in the euro area and 0.0% in the EU27.
Compared with the same quarter of the previous year, seasonally adjusted GDP grew by 0.7% in the euro area and by 0.8% in the EU27 in the third quarter of 2008, after +1.4% and +1.7% respectively in the previous quarter.
During the third quarter of 2008, US GDP decreased by 0.1% compared with the previous quarter, after +0.7% in the second quarter. Compared with the same quarter of the previous year, GDP rose by 0.8% in the US (+2.1% in the previous quarter).