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.
Across the European Union, gross domestic product ticked up 0.1% in the first quarter after falling 0.2% late last year.
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.
Persons:
Andrew Kenningham, Frederik Ducrozet, Russia’s, Claus Vistesen, ”
Organizations:
London CNN, European Union, Capital Economics, Pictet Wealth Management, Organisation for Economic Co, Pantheon Macroeconomics, European Central Bank
Locations:
Europe, Ukraine, United States, downgrades, Germany, Europe’s, Ireland