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Published 1 year ago

Eurozone slips into recession as revised data shows two quarters of economic contraction

  • The European economy contracted slightly in the final three months of 2022 and first three months of this year due to the loss of Russian natural gas and high inflation on consumer spending.
  • Economic output in the Eurozone dropped 0.1% in both quarters, leading to two consecutive quarters of decline, which is one definition of a recession.
  • However, the panel of economists that declares Eurozone recessions use a broader set of data, including unemployment figures, and unemployment is at its lowest level since before the creation of the Euro in 1999.
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