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Woo-hoo! More austerity for Europe!
www.theguardian.com
www.bloomberg.com
The eurozone economy entered into a technical recession during the first three months of the year according to figures released by the EU's statistic agency, Eurostat.
The data released on Thursday showed that there had been contraction of 0.1% for a second consecutive quarter.
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Eurostat revised down an earlier forecast that had predicted slight growth, after Germany said last month it had fallen into recession.
Inflation and higher interest rates have lowered demand in the countries that use the euro as their currency.
The latest figures also highlight the impact of the loss of Russian natural gas which caused energy prices to soar.
The worse-than-expected figures casts doubt on more optimistic forecasts for the remainder of 2023.
Euro zone saw winter recession, more challenges ahead
The euro zone economy fell into a technical recession in the first three months of 2023, data from statistics agency Eurostat showed on Thursday as signs emerge that central bank rate hikes will crimp the region's future growth prospects.www.reuters.com
Eurozone sinks into recession as cost of living crisis takes toll
GDP shrank 0.1% in first quarter of 2023 and final three months of 2022 after revisions to earlier estimates
EU Says Recession Is Now Here and Inflation Shock Will Linger On
The euro zone faces a grim winter as a recession bites just as double-digit inflation grips the region and war rages nearby, according to the European Commission.
www.bloomberg.com
