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See Wikipedia’s guide to writing better articles for suggestions. This article needs additional citations for verification. This article needs to be updated. Please update this article to reflect recent events or newly available information. The European recession is part of the Great Recession, which began inside the United States.
The crisis spread to Europe rapidly and affected much of the region with several countries already in recession as of February 2009, and most others suffering marked economic setbacks. GDP contracts quarter on quarter, through minimum two consecutive quarters. 2009, a total of 59 out of 71 countries were simultaneously in recession. Only seasonally adjusted qoq-data can be used to accurately determine recession periods.
When quarterly change is calculated by comparing quarters with the same quarter of last year, this results only in an aggregated -often delayed- indication, because of being a product of all quarterly changes taking place since the same quarter last year. Bolivia had as of January 2014 only published seasonally adjusted real GDP data until Q1-2010, with the statistics office still to publish data for 2010-13. According to the methodology note for the quarterly GDP of El Salvador, this data series include seasonally adjustments. EU Commission as the 20th member, who represents the remaining 24 EU member states in the forum. Kazakhstan had as of January 2014 only published seasonally adjusted real GDP data until Q4-2009, with the statistics office still to publish data for 2010-13.
Moldova had as of January 2014 only published seasonally adjusted real GDP data until Q4-2010, with the statistics office still to publish data for 2011-13. The Eurozone recession has been dated from the first quarter of 2008 to the second quarter of 2009. In the eurozone as a whole, industrial production fell 1. 9 percent in May 2008, the sharpest one-month decline for the region since the exchange rate crisis in 1992.