Europe’s economy scraped out meager gains at the end of last year as galloping inflation fed by high energy prices and Russia’s invasion of Ukraine deterred people from spending in shops and restaurants.
and leading companies to pass on costs to customers by charging more for goods and food.
“Growth was still very weak,” said Rory Fennessy, European economist at Oxford Economics. He added that “the positive reading could mask underlying weakness in domestic demand” and that “private consumption is likely to have contracted.” Growth also faced headwinds from reduced activity in China, a major trade partner, due to the severe COVID-19 restrictions that have since been lifted. A
is a key question for Europe and the global economy this year, given China’s previous role as a motor of global growth.technical recession even if economic expansion is negative in the first three months of this year. Two straight quarters of falling output is one definition of recession, although the economists on the eurozone business cycle dating committee use a broader range of data such as unemployment and the depth of the downturn.this year to 2.9% from 2.7% — not great but an improvement based partly on hopes for China. A stronger global economy is important for Europe given its extensive trade links.
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