Eurozone sinks back into recession

City A.M. Reporter
The Eurozone debt crisis dragged the currency bloc into recession in the third quarter of the year, marking its second recession since 2009.

Economic output in the bloc fell 0.1 per cent over the three months to September, following a 0.2 per cent drop in the second quarter.

Those two quarters of contraction put the Eurozone’s €9.4 trillion (£7.56 trillion) economy in recession, although Italy and Spain have been contracting for a year already and Greece is suffering an outright depression.

Despite the recession, the economies of Germany and France this morning reported GDP growth of 0.2 per cent over the three months to September.