Eurozone slips into recession as revised data shows two quarters of falling outputThe 20 countries that use the euro fell into a mild recession around the turn of the year, as high inflation discouraged consumer spending and governments tightened the purse strings. In the first three months of the year, economic output in the eurozone dropped 0.1% compared with the previous quarter, according to revised official data published Thursday. Commenting on the eurozone data, Andrew Kenningham, chief Europe economist at Capital Economics, said consumption by households had been “hit hard” by high prices and rising interest rates. US economy out in frontBoth the eurozone and the whole of the EU are now lagging the US economy. Earlier official estimates of the eurozone’s economic output pointed to a slight increase in the first quarter.

Source: CNN June 08, 2023 10:29 UTC