Eurozone in recession

The eurozone is in recession following the release of official statistics on Friday that showed that its economy contracted for the second quarter in a row.

The new data, released by Eurostat, the official statistical agency of the European Union, showed that the economy of the eurozone had contracted by 0.2% in both the second and third quarters of the year compared to the preceding quarter. A contraction of two consecutive quarters is the commonly accepted definition of a recession.

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