2023-09-07 17:45:55
The eurozone economy grew by only 0.1% in the second quarter of the year, which is lower than previously estimated, according to official data showed yesterday.
The European Union’s Eurostat data agency had previously estimated growth of 0.3% between April and June compared with the previous quarter in countries that use the euro.
Eurostat also reconsidered its data for the first quarter, noting that the economy grew by 0.1%, and did not register a recession as previously thought.
“The European economy as a whole is in recession,” said Charlotte Montpellier, an analyst at ING Bank. It suffers from high interest rates, energy prices and a global slowdown.
The European Central Bank raised rates in an effort to control inflation.
And entered the largest economic power in Europe, Germany, in recession at the beginning of the year, and recorded recession in the second quarter.
Eurostat maintained its estimates for the European Union (27 countries), with a growth rate of zero in the second quarter, while output recorded a growth of 0.2% during the first quarter of the year.
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