New Zealand’s economy contracted by its biggest amount in eight years, third quarter data showed on Tuesday, reinforcing expectations that its recession will not lift until well into 2009.
From the United States to Asian export giant Japan and European powerhouse Germany, several of the world’s top economies have tumbled into recession as the global financial crisis deepens.
The following list shows countries that have reported recession -- most commonly defined as an economic contraction 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% in the first quarter after an 0.2% contraction in the Q4 of 2007. On September 1, data shows the economy has returned to growth by expanding 0.6% in second quarter. In the third quarter, the economy again contracted. This time it was by 0.5%.
August 13: ESTONIA
The Baltic state slides into recession with a 0.9% fall in second-quarter GDP after a drop of 0.5% in the first quarter. -- It falls deeper into recession in the third quarter when the economy contracted 3.3%.
September 8: LATVIA
Latvia joins its northern neighbor Estonia in recession as GDP falls 0.2% in the second quarter from the first quarter, when it fell 0.3%. 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% fall in second quarter GDP, following a 0.3% 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% fall in seasonally adjusted GDP for the second quarter. First-quarter GDP dropped 0.3%.
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% in the third quarter after a 6.0% contraction in the second quarter, its first recession since 2002.
Nov 13: GERMANY
Europe’s largest economy contracted by 0.5% in the third quarter after GDP fell 0.4% 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% in the third quarter. Second quarter GDP dropped 0.3%. 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% after a 1.4% 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% in the July-September quarter, as the financial crisis curbs demand for its exports. It shrank 0.9% in the previous quarter.
NOV 28: SWEDEN
The Nordic nation announces it is in recession after GDP shrinks 0.1% in both the second and third quarters.
DEC 1: UNITED STATES
The US 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 US economic cycles. It said a 73-month economic expansion had come to an end.
DEC 23, 2008: NEW ZEALAND
Economy contracts by its biggest amount in eight years in the third quarter, signaling a deepening recession. GDP falls a seasonally adjusted 0.4%. (Reuters)