Thursday 13 November 2008

German economy now in recession

Europe’s biggest economy recorded negative growth for a second consecutive quarter in the third quarter

New government data show that the German economy is officially in recession. Europe’s biggest economy recorded negative growth for a second consecutive quarter in the third quarter.

The Federal Statistical Office said Thursday that gross domestic product contracted by 0.5% in the July-September period compared with the previous quarter.
The economy contracted by 0.4% in the second quarter - its first decline since late 2004.

A technical recession is defined as two consecutive quarters of negative growth.

Source: Livemint

Posted by Harsh at 08:22

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