Eurozone Falls Back Into Recession
GDP falls for the second quarter in a row
By Kevin Spak, Newser User
Posted Nov 15, 2012 12:11 PM CST
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)

(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.

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Showing 3 of 15 comments
right2dave
Nov 18, 2012 11:38 AM CST
Euro suffers from the same thing US does. Next time you aqre in a store that sell European good look where they are made......China.
1freeusa
Nov 16, 2012 5:48 AM CST
the same amount of wealth is in the world whether it be a recession or a boom....the difference is the amount of people with it.....the greater the recession the fewer owners of the wealth
HEMEROID
Nov 15, 2012 4:35 PM CST
My God we bailed out GM and all the other money grabbers, can't we bail out the Eurozone too? just tax the poor and low income and ship it to them! after all they gave us the Fiat; Citroin, and other junk! it's time to return the favor.