Belfast Telegraph

Friday 25 April 2014

Eurozone hit by second recession

The eurozone entered its second recession since 2009 in the last quarter despite modest growth in Germany and France, new figures have shown.

The two leading economies both managed 0.2% growth in the July-to-September period, but the economies in the Netherlands, Spain, Italy and Austria shrank. Figures for the Irish economy have not been published yet.

While Europe is technically in recession following two quarters of shrinking growth, the contraction was small. Economic output fell 0.1% in the quarter following a 0.2% drop in the second quarter.

A rebound in Europe is still far off. The debt crisis that began in Greece in late 2009 is still holding back a lasting recovery from the Great Recession of 2008/09 in much of the world.