PARIS (AP) — The recession across the economy of the 17 European Union countries that use the euro extended into its sixth quarter — longer than the calamitous slump that hit the region in the financial crisis of 2008-9.
Eurostat, the EU’s statistics office, said today nine of the 17 Eurozone countries are in recession, with France a notable addition to the list. Overall, the euro region’s economy contracted 0.2 percent in the January-March period from the previous three months.
Though this recession is not nearly as deep as the one in 2008-9, it is the longest in the history of the euro, which was launched in 1999. A recession is officially defined as two straight quarters of negative growth.
“The Eurozone is facing a double blow from necessary restructuring of its domestic economy and somewhat disappointing growth in world trade, in particular demand from emerging markets,” said Marie Diron, senior economic adviser to Ernst & Young.
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