The second quarter of the current year had already seen a decline of 0.2 percent. Economists speak of a recession when economic growth is negative for at least two quarters in a row. The last time the eurozone had been in recession was after the global banking crisis began in 2008. At that time, economic output fell for five consecutive quarters until the summer of 2009.
The current recession is being blamed on the poor economic situation in the crisis-hit countries of southern europe. In spain, the third-quarter decline was 0.3 percent, in portugal 0.8 percent. Italy’s economic output also fell by 0.2 percent. Germany, europe’s largest economy, posted a positive performance of 0.2 percent.