German economy entered recession in the third quarter for first time since 1996
Nov 13th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The German economy entered recession in the third quarter according to the statistics office Destatis today. Gross domestic product (GDP) fell by 0.5% in the third quarter. In the first quarter of 2008, the economic performance was up 1.4%, while it was down by 0.4% in the second quarter. Two straight quarter of economic contraction, meets the accepted definition of a recession. The economy last contracted over two consecutive quarters in 1996.