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Germany is officially in recession after recording negative growth of 0.5 per cent in the September quarter.
The contraction followed negative 0.4 per cent growth in the second quarter this year.
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Meanwhile the Organisation for Economic Cooperation and Development (OECD) said overnight that the developed world was likely already in a recession, where it would remain into 2009.
The OECD projected OECD countries’ GDP would shrink 0.3 per cent in 2009 before recovering slightly to growth of 1.5 per cent in 2010.
Unemployment in OECD countries was forecast to rise to 7.2 per cent in 2010.
Published: 14-11-08
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