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Eurozone reenters recession in 3rd quarter

By The Associated Press

This article was published November 15, 2012 at 7:16 a.m.

— The 17-country eurozone has fallen back into recession for the first time in three years as a sprawling debt crisis took its toll on the region’s stronger economies.

And with surveys pointing to increasingly depressed conditions across the eurozone at a time of high unemployment in many countries, there are fears that the recession will deepen, and make the debt crisis even more difficult to handle.

Official figures Thursday showed that the eurozone contracted by 0.1 percent in the July-to-September period from the quarter before as economies including Germany and the Netherlands suffer from falling demand.

The decline reported by Eurostat, the EU’s statistics office, was in line with market expectations and follows on from the 0.2 percent fall recorded in the second quarter.

As a result, the eurozone is officially in recession, commonly defined as two straight quarters of falling output.

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