Eurozone Falls Back Into Recession

GDP falls for the second quarter in a row

By Kevin Spak,  Newser Staff

Posted Nov 15, 2012 12:11 PM CST

(Newser) – The eurozone officially has a double-dip recession on its hands. The 17-nation euro bloc fell into that second dip in the third quarter, with GDP falling 0.1%, the European Union's statistics office announced today. Since that marks its second straight quarter of decline—it was down 0.2% in the second quarter—it's officially a recession.

But economists had widely predicted the decline, Bloomberg reports, and some were surprised it wasn't any worse. "Overall I think it’s remarkable that we haven’t seen … a stronger decrease in economic activity considering the strength of the eurozone debt crisis," one economist said. And some of the eurozone's stronger economies are still in the black; German GDP rose 0.2%, as did France's, rebounding from a 0.1% decrease last quarter.

In this July 31, 2012 file photo the euro sculpture stands in front of the headquarters of the European Central Bank, ECB, in Frankfurt, Germany.
In this July 31, 2012 file photo the euro sculpture stands in front of the headquarters of the European Central Bank, ECB, in Frankfurt, Germany.   (AP Photo/Michael Probst, File)
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