|
(CEP News) Frankfurt - Eurostat confirmed that the euro zone economy contracted 0.2% in the third quarter of 2008. With GDP having declined by the same amount in the previous quarter, the monetary union is officially in a technical recession.
The statistics office also reported that household consumption remained unchanged on a quarterly basis, while investment levels fell 0.6% over the same period, both as expected. Government spending, however, grew 0.7%, down from the 0.8% increase expected. Exports also showed no movement compared to Q2, while import levels fell by 1.4%. On an annual basis, the economy slowed to a growth rate of 0.6%, in line with preliminary estimates and down notably from Q2's 1.4% growth rate. Written by CEP News European Staff in Frankfurt,
This email address is being protected from spam bots, you need Javascript enabled to view it
, edited by Nancy Girgis,
This email address is being protected from spam bots, you need Javascript enabled to view it
CEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.ca The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News. A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer. |
