The German economy, Europe's largest, contracted more than economists expected in the third quarter, confirming it has entered its worst recession in at least 12 years as the global slowdown curbs exports.
German GDP dropped a seasonally adjusted 0.5 per cent from the second quarter, when it fell a revised 0.4 per cent, the German Federal Statistics Office in Wiesbaden said today.
The economy last contracted this much over two consecutive quarters -- the technical definition of a recession -- in 1996.
Economists said that the German economy could contract more than 1 per cent next year, which will call for a downward revision of the euro area as well.
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