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Eurozone Enters First Recession, U.S. to Follow
The Eurozone – the 15 countries that use the euro – has officially slipped into its first recession, as the region’s gross domestic product (GDP) contracted by 0.2% in both the second and third quarters of 2008. Analysts anticipate the recession will carry into 2009 before easing and induce another round of rate cuts from the European Central Bank (ECB).
Germany, Italy and Ireland have already officially entered into recessions, posting back-to-back quarters of negative growth. France narrowly avoided a recession with third-quarter growth of 0.1%. The economy of 27-nation European Union (EU) also shrank by 0.2% in the three…
17Nov2008 | Money Morning | Comments Off | Continued
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