Eurozone in recession as GDP down 0.1 pct in Q3

BRUSSELS, Nov. 15 (Xinhua) -- The GDP of the 17-nation eurozone fell by 0.1 percent during the third quarter of 2012 from the previous three months, figures from the statistical office of the European Union (EU) showed on Thursday.

According to flash estimates published by Eurostat, the GDP in the wider 27-member EU, meanwhile, rose by 0.1 percent. In the April-June period, the eurozone and the EU both saw their economic output contract by 0.2 percent.

This means the eurozone has officially fallen into technical recession, which is defined by two consecutive quarters of decline, though probably a short-lived one.

The European Commission has forecast the eurozone economy could return to positive growth in 2013.

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