The economy of the eurozone contracted by 0.1 percent in the third quarter, thus slipping into recession, while the European Union recorded the same percentage growth, estimated the European statistical office on Thursday.
In the second quarter, the eurozone recorded a decline in activity of 0.2 percent, and a recession is defined as a decline in activity for two consecutive quarters. The economy of the European Union recorded the same percentage decline in the second quarter as the area using the common euro currency.
On an annual basis, the level of activity in the 17-member eurozone fell by 0.6 percent, and by 0.4 percent in the 27-member European Union. In the second quarter, activity in the eurozone fell by 0.4 percent year-on-year, while in EU27 it fell by 0.3 percent.
Eurostat also estimates that the main European trading partner, the USA, recorded a growth of 0.5 percent in the third quarter compared to the previous three months when activity increased by 0.3 percent. In the second largest trading partner, Japan, activity decreased by 0.9 percent in the third quarter compared to the previous quarter, when it increased by a slight 0.1 percent.
On an annual basis, the US GDP grew by 2.3 percent in the third quarter, while Japan’s grew by 0.2 percent, estimates Eurostat.
