In the third quarter, Eurozone GDP dropped 0.1% over the previous period, according to the flash estimate released by the statistical office (Eurostat) on 15 November. The contraction was smaller than market expectations, which had GDP contracting at the same 0.2% pace seen in Q2 and puts the Euro area in a technical recession for the first time since 2009. On an annual basis, the economy contracted 0.6%, which marks a deterioration compared to the 0.5% drop recorded in the previous quarter, and represents the largest drop recorded since the fourth quarter of 2009. Among the major countries in the region, Germany and France were the only ones to experience positive growth. Germany, which accounts for nearly 30% of the Eurozone's output, expanded 0.2%, a slight moderation from the 0.3% expansion recorded in the previous quarter. In France, Q3 GDP rose 0.2% compared to the previous quarter, rebounding from a 0.1% contraction in Q2. In contrast, Spain dropped 0.3% over the previous quarter, marking the largest contraction among the four biggest Euro area economies. Finally, Italy posted a 0.2% drop, which represented an improvement compared to the 0.7% contraction tallied in the previous quarter. Economic activity contracted for a fifth consecutive quarter in both countries.
Eurozone back in recession for second time in four years
November 15, 2012
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Eurozone Economic News
October 20, 2016
The European Central Bank (ECB) decided to stay the course and made no changes to its monetary policy at its 20 October meeting, matching market expectations.
October 17, 2016
Complete data released by Eurostat on 17 October confirmed that harmonized inflation was 0.4% in September, above August’s 0.2% and the highest reading seen since June 2014.
October 12, 2016
The industrial sector in the common-currency bloc grew in August after contracting in July.
September 30, 2016
Inflation rose to an almost two-year high in September, providing some evidence that the European Central Bank’s monetary stimulus is bearing fruit.
September 30, 2016
Conditions in the labor market in the common-currency bloc remained broadly unchanged in August, according to recently released data by Eurostat.