GDP fell 0.2% in the euro area in the third quarter of 2008, from the previous quarter, when it registered a slowdown which is an early sign of a fall into recession, according to statistics provided by Eurostat.
In economics, the term recession describes a situation in which the gross domestic product shrinks for at least two consecutive quarters.
In the EU27 which includes 15 countries in the euro area, the economy dropped by 0.2% in the third quarter, after stagnating in April-June interval.
Compared to a year earlier, the economy increased this year by 0.8% in EU27 and by 0.6% in euro area, NewsIn informs.
In the third quarter, household final consumption expenditure increased by 0.1% in the European Union and remained unchanged in the euro area. However, investments fell by 0.8% in the EU27 and by 0.6%in the euro area.
Exports increased by 0.3% in the European Union and by 0.4% in the euro area, while imports increased by 1.3% in the EU27 and by 1.7% in the euro area.
Translated by Camelia Oancea
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