Eurozone’s economy contracts for two quarters running
The eurozone’s economy contracted for the last two consecutive quarters, according to revised figures published by the European Union statistical agency Eurostat on June 8.
The bloc’s GDP contracted by 0.1% in the first quarter of 2023, following a 0.1% decline in the fourth quarter of 2022. A contraction in two successive quarters is a widely used definition of an economic recession.
The revised figures will increase pressure on the European Central Bank ahead of its next monetary policy
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