FXstreet.com (Barcelona) - As previously estimated Euro Zone's economy has officially entered into recession in the thir5d quarter of the year, as the Gross Domestic Product shrunk for second consecutive quarter weighed by weak foreign trade figures and slumping industrial production.

Gross Domestic Product has declined 0.2% between July and September 2008, at the same contracting pace seen in the previous quarter. The year on year growing rate has dropped to 0.6% in the third quarter from the 1.4% pace seen in the second quarter.