The eurozone is officially in recession after recording two consecutive quarters of GDP contraction. Meanwhile, the EU 27 as a whole returned to growth in Q3, recording a 0.1 percent increase after a 0.2 percent fall in the second quarter. GDP across the eurozone fell back by 0.2 percent in Q2 and 0.1 percent in Q3 and many individual countries around the Union are officially in recession with the publishing of the third quarter figures. Romania, however, escaped, with the latest figure from EU statistics department Eurostat showing that Romania’s GDP advanced by 0.5 percent in Q3, after a 0.1 percent fall in the second quarter.
Elsewhere in Europe, many governments have the unenviable task of telling the population that they are in recession, news that will go down like a lead balloon in countries still suffering under tough austerity measures. Recession continued in Spain, Italy and Portugal, as well as in other countries in the region, like Hungary and the Czech Republic. Recession also looks probable in Slovenia – figures for Q3 were unavailable, but the country recorded a steep 1 percent contraction in GDP in the second quarter. Meanwhile, Austria and the Netherlands could enter recession in the next quarter after showing GDP falls in Q3.