TIMELINE - World economies slide into recession

Tue Dec 23, 2008 6:04am GMT

 Dec 23 (Reuters) - 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 percent in the first quarter after an 0.2 percent
contraction in the fourth quarter of 2007. [ID:nL0112286]
 -- On Sept. 1, data shows the economy has returned to
growth by expanding 0.6 percent in second quarter.
[ID:nL168195]
 -- In the third quarter, the economy again contracted. This
time it was by 0.5 percent. [ID:nL1721417]
 * Aug. 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. [ID:nLD179892]
 -- It falls deeper into recession in the third quarter when
the economy contracted 3.3 percent. [ID:nLD166160]
 * Sept. 8: LATVIA
 -- Latvia joins its northern neighbour 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.
[ID:nL8390273]
 * 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. [ID:nLP667889]
 * 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. [ID:nWEL138175]
 * Oct 10: SINGAPORE
 -- First Asian country to slip into a recession since the
credit crisis began. Singapore's export-dependent economy
shrinks annualised rate of 6.8 percent in the third quarter
after a 6.0 percent contraction in the second quarter, its
first recession since 2002. [ID:nLA576098]
 * 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. [ID:nLD638491]
 * 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. [ID:nLE99547]
 -- 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. [ID:nHKG81924]
 -- 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. [ID:nLE536930]
 * 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. [ID:nSP354083]
 * NOV 28: SWEDEN
 -- The Nordic nation announces it is in recession after GDP
shrinks 0.1 percent in both the second and third quarters.
[ID:nLS430331]
 * DEC 1: UNITED STATES
 -- The U.S. economy has been in recession since Dec. 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. [ID:nN01511485]
 * DEC 23, 2008: NEW ZEALAND
 -- Economy contracts by its biggest amount in eight years
in the third quarter, signalling a deepening recession. GDP
falls a seasonally adjusted 0.4 percent. [ID:nWEL371759]
 Source: Reuters
 (Compiled by by Gillian Murdoch, Singapore Editorial
Reference Unit; Editing by Tomasz Janowski)

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