The worst performing economy in the eurozone was Finland.
The economy contracted by 0.6% in the third quarter, a greater level than that in Greece.
Finland's own finance minister has dubbed his country “the new sick man of Europe”.
The economy has been stagnating for the last three years. Several factors are at the root of the problem. Just how unhealthy was its overreliance on its successful company Nokia became apparent when Nokia failed to keep up with technological advances and faltered as a key player.
Finland has felt another pinch due to its highly uncompetitive labour costs. On top of that, trade demand from Russia has collapsed.
The nation is also having to cope with a rapidly ageing population and has one of the highest rates of government spending in Europe.
Last year’s elections caused a turn to the right, but the centre-right coalition has found it difficult to move forward and nearly came unstuck over healthcare reforms earlier this month.
The coalition’s voice has been loudly striking out against eurozone bail-outs for southern European economies. But now its economic performance lagged behind Greece (-0.5%), Italy (-0.2%) and Portugal (0%).
Economic performance in much of the eurozone was disappointing in the third quarter, suggesting that economies have not benefitted from record low interest rates and low energy prices.
GDP in the bloc grew by just 0.3% in the three months to September, against forecasts of 0.4%.
Spain shone out with growth of 0.8% and France rallied shifting from 0% to 0.3%.
Germany grew by an anticipated 0.3% buoyed by domestic demand.
