Even though the two biggest economies in the eurozone managed to grow in Q3, that wasn’t enough to save the eurozone from falling back into recession–for the second time since 2009.
Although France and Germany each recorded growth of 0.2% for the quarter, other economies within the currency bloc shrank by more than enough to offset them, sending the region’s 9.4 trillion euro ($12 trillion) economy downward for the second quarter in a row.
Reuters reported Thursday that Eurostat, the European Union’s statistics office, said overall economic output in the eurozone shrank by 0.1% in Q3, after a Q2 shrinkage of 0.2%. While the Q3 drop is smaller than Q2’s, it was still enough to put the region back into its second recession in the past few years.