From the United States to Asian export giant Japan to European powerhouse Germany, the world’s top economies are now in recession as the global financial crisis deepens. They are not the only ones.
The following list shows the countries that have reported they are in recession. The most common definition of recession is when an economy contracts for two consecutive quarters.
* July 1, 2008: DENMARK
– Denmark becomes the first European economy to confirm it is in recession since the global credit crunch began. Its GDP shrinks 0.6 percent in the first quarter after an 0.2 percent contraction in the fourth quarter of 2007.
– On September 1, data shows the economy has returned to growth by expanding 0.6 percent in second quarter.
– In the third quarter, the economy again contracted. This time it was by 0.5 percent.
* August 13: ESTONIA
– The Baltic state slides into recession with a 0.9 percent fall in second-quarter GDP after a drop of 0.5 percent in the first quarter.
– It falls deeper into recession in the third quarter when the economy contracted 3.3 percent.
* September 8: LATVIA
– Latvia joins its northern neighbor Estonia in recession
as GDP falls 0.2 percent in the second quarter from the first quarter, when it fell 0.3 percent. Property markets and construction have suffered in both Baltic states.
* Sept 25: IRELAND
– The “Celtic Tiger” becomes the first country in the euro zone to slide into recession, with a 0.5 percent fall in second quarter GDP, following a 0.3 percent decline in the first quarter. Its last recession in 1983 saw thousands of people leave Ireland to seek work overseas.
* Sept 26: NEW ZEALAND
– New Zealand falls into a recession for the first time in more than a decade, with a 0.2 percent fall in seasonally adjusted GDP for the second quarter. First-quarter GDP dropped 0.3 percent.
* Oct 10: SINGAPORE
– First Asian country to slip into a recession since the credit crisis began. Singapore’s export-dependent economy shrinks annualized rate of 6.8 percent in the third quarter after a 6.0 percent contraction in the second quarter, its first recession since 2002.
* Nov 13: GERMANY
– Europe’s largest economy contracted by 0.5 percent in the third quarter after GDP fell 0.4 percent in the second quarter, putting it in recession for the first time in five years.
* Nov 14: ITALY, HONG KONG, the EURO ZONE
– Italy plunges into recession, its first since the start of 2005, after GDP contracts a steeper-than-expected 0.5 percent in the third quarter. Second quarter GDP dropped 0.3 percent.
– Hong Kong becomes the second Asian economy to tip into recession, it’s exports hit by weakening global demand. Third-quarter GDP drops a seasonally adjusted 0.5 percent after a 1.4 percent fall in the previous quarter.
– The 15-country euro zone officially slips under, pushed down by recessions in Germany and Italy for its first recession since its creation in 1999.
* Nov 17: JAPAN
– The world’s second-biggest economy slides into recession, its first in seven years. Its GDP contracts 0.1 percent in the July-September quarter, as the financial crisis curbs demand for its exports. It shrank 0.9 percent in the previous quarter.
* NOV 28: SWEDEN
– The Nordic nation announces it is in recession after GDP shrinks 0.1 percent in both the second and third quarters.
* DEC 1: UNITED STATES
– The U.S. economy has been in recession since December 2007, the National Bureau of Economic Research said. The bureau is a private research institute widely regarded as the official arbiter of U.S. economic cycles. It said a 73-month economic expansion had come to an end.
Source: Reuters
(Compiled by Gillian Murdoch, Singapore Editorial Reference Unit; Editing by Neil Fullick)
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