Euro zone faces first recession

The Euro zone faces for the first time in its history a recession period, with a 0.2% decrease of its domestic product during the third quarter of the year, data at the European statistics institute, INSEE, indicate. France managed to avoid the recession for now, recording a 0.14 % growth of the GDP.

The 15 member states of the Euro zone are in technical recession, defined by the GDP decrease in two consecutive quarters. The most affected economies are Germany and Italy, with a 0.5% decrease in Q3. Holland saw a 0% growth for two consecutive quarters.