Euro zone GDP down 0.1 percent in Q3, slides back into recession

The 17 countries of the Euro zone block – the main trading partner of Romania, fell back into recession in the third quarter, for the second time in three years, according to Eurostat.

Euro zone GDP fell by 0.1 percent in the third quarter after losing 0.2 percent in Q2, according to Eurostat. A decrease of the economy in two consecutive quarters signals a technical recession.

Germany and France grew by 0.2 percent in Q3, while the periphery nations remained in recession. The economies of Portugal, Spain and Italy fell by 0.8 percent, 0.3 percent and 0.2 percent.

The GDP of EU 27 increased by 0.1 percent on Q3, after dropping by 0.2 percent in Q2. Romania’s GDP fell by 0.5 percent quarter-on-quarter in Q3. It lost 0.8 percent against the same period of 2011. The GDP gained 0.2 percent in the first nine months, reaching RON 416 billion (EUR 91.5 billion), according to the national statistics institute INS.

The growth was sustained by support services and real estate transactions, which moved up by 8.9 percent and 4.7 percent. The agricultural sector fell by 20.4 percent, while public services lost 2.6 percent.

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The final consumption of Romanians dropped by 0.1 percent on nine months, due to a 2 percent reduction of public administration consumption. Household consumption added 0.3 percent.

Ovidiu Posirca