Investing.com - The euro zone’s economy contracted in line with preliminary estimates in the third quarter of 2012, confirming a recession, revised data showed on Thursday.
In a report, Eurostat said that the euro zone’s gross domestic product shrank 0.1% in the July-to-September period, in line with expectations and unchanged from a preliminary estimate.
The euro zone’s economy shrank 0.2% in the preceding quarter. A technical recession is defined as two straight quarters of contraction.
Year-on-year, euro zone GDP fell 0.6% compared to a year earlier, in line with expectations.
Following the release of that data, the euro remained higher against the U.S. dollar, with EUR/USD rising 0.07% to trade at 1.3077.
Meanwhile, European stock markets held on to broad gains. The EURO STOXX 50 rose 0.9%, France’s CAC 40 added 0.6%, Germany's DAX climbed 1.1%, while London’s FTSE 100 gained 0.35%.
In a report, Eurostat said that the euro zone’s gross domestic product shrank 0.1% in the July-to-September period, in line with expectations and unchanged from a preliminary estimate.
The euro zone’s economy shrank 0.2% in the preceding quarter. A technical recession is defined as two straight quarters of contraction.
Year-on-year, euro zone GDP fell 0.6% compared to a year earlier, in line with expectations.
Following the release of that data, the euro remained higher against the U.S. dollar, with EUR/USD rising 0.07% to trade at 1.3077.
Meanwhile, European stock markets held on to broad gains. The EURO STOXX 50 rose 0.9%, France’s CAC 40 added 0.6%, Germany's DAX climbed 1.1%, while London’s FTSE 100 gained 0.35%.