15 November 2012 11:12 [Source: ICIS news]
LONDON (ICIS)--The eurozone experienced its second consecutive quarter of negative growth, European statistics agency Eurostat said on Thursday, meaning that the region has fallen back into recession.
GDP in the 17-country region contracted by 0.1% in the third quarter of the year compared with the preceding quarter, the agency said. GDP for the European Union (EU) as a whole grew by 0.1% over the same period, Eurostat added.
GDP for both regions had contracted by 0.2% in the second quarter of the year compared with the first quarter.
Seasonally adjusted GDP fell by 0.6% in the eurozone and by 0.4% in the EU compared with the same period last year, while quarterly GDP in the US and Japan rose by 2.3% and 0.2% respectively year on year, according to Eurostat.
The most severe year-on-year contractions were in Greece, where third-quarter GDP dropped by 7.2% compared to the third quarter of 2011, and Portugal, which contracted by 3.4% year on year. The strongest growth was marked in Latvia, Lithuania and Estonia, where GDP for the quarter expanded by 5.3%, 3.3% and 3.4% respectively.
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