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German economy falls in recession

(Agencies)
Updated: 2008-11-13 15:56

BERLIN -- New government data show that the German economy is officially in recession. Europe's biggest economy recorded negative growth for a second consecutive quarter in the third quarter.

A woman looks at the logo of German luxury carmaker BMW during the opening of a new dealership in Belgrade November 12, 2008. New government data show that the German economy is officially in recession. [Agencies]

The Federal Statistical Office said Thursday that gross domestic product contracted by 0.5 percent in the July-September period compared with the previous quarter.

The economy contracted by 0.4 percent in the second quarter, its first decline since late 2004.

A technical recession is defined as two consecutive quarters of negative growth.