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% in May 2008, the sharpest one-month decline for the region since the Black Wednesday exchange rate crisis in 1992. European car sales fell 7.8% in May compared with a year earlier. Retail sales fell by 0.6% in June from the May level and by 3.1% from June in the previous year. Germany was the only country out of the four biggest economies in the eurozone to register an increase of activity in July though the increase was sharply down. Economic analysts from RBS and capital Economics say the decline raises the risk of the eurozone entering a recession in 2008. In the second quarter, the eurozone's economy was reported to have declined by .2%.
From 1999 until the autumn of 2008 Russia's economy grew at a steady pace, which most experts attributed to Putin's policies, a sharp rouble devaluation of 1998, Boris Yeltsin-era structural reforms, rising oil price and cheap credit from western banks. After Vladimir Putin's first term as president (during most of which Mikhail Kasyanov held prime-ministership), some analysts described Russia's short-term economic growth as impressive and maintained that Putin was "at least partially responsible for it": a series of fundamental reforms had been implemented, including a flat income tax of 13 percent, a reduced profits tax, and new land and legal codes.
Sweden has not been severely affected, and no banks or financial institutions have had real trouble. However, some effects have been visible, mostly based on distrust and similar psychological mechanisms. The stockmarket has declined heavily, because of influence from New York and other markets. Some banks, especially Swedbank had invested heavily in US housing bonds.
Ukraine was hit heavy by the economic crisis of 2008, analysts say the plights of Ukraine are slumping steel prices, local banking problems and the cutting of Russian gas supply in January 2009. Key industries such as metallurgy and machine building are laying off workers, and real wages have started to fall for the first time in a decade. 2b1af7f3a8