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Eurozone in first recession
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Newly released figures show that the eurozone (countries that use the Euro) has gone into recession for the first time in its history. Germany went into recession on Thursday, prompting fears that other major economies might follow suit. Greg Morsbach has more: The figures from Italy show that Europe's fourth largest economy is now officially in recession after two consecutive quarters of negative growth. The Italian economy shrank by half a percent in the third quarter, after posting a nought point three percent fall in the previous quarter. The Spanish government also reported its first negative growth in fifteen years. But France bucked the trend of gloomy news today: they defied economic forecasts and narrowly escaped recession by announcing minimal growth for the period between July and September. Greg Morsbach, BBC figures officially in recession consecutive quarters negative growth shrank posting bucked the trend gloomy defied economic forecasts narrowly escaped |
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