Eurozone falls back into recession

The eurozone has returned to recession as the region's debt crisis continues to hurt demand, figures show.

Friday, November 16, 2012

The eurozone has returned to recession as the region's debt crisis continues to hurt demand, figures show.The economy of the 17-nation bloc contracted by 0.1 per cent between July and September, after shrinking 0.2 per cent in the previous three months, Eurostat said.The eurozone was last in recession in 2009, when the economy contracted for five consecutive quarters.The news comes a day after millions of workers in Europe held a day of action against austerity measures.Protests in Spain, Italy and Portugal were marred by violence.Countries such as Greece and the Republic of Ireland that have been bailed out by international lenders continue to see their economies shrink. Meanwhile larger economies such as Spain have imposed spending cuts in an attempt to avoid having to ask for a bailout.