Eurozone looks set to avoid winter recession with quarterly growth
04 February 2023 |
12:06 pm
Economic output grew by 0.1% in the last quarter of 2022 compared with the previous quarter, according to an early estimate.
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Inflation fed by high oil and gas prices hit record levels in Europe for the third month in a row, extending pain for consumers and sharpening questions about future moves by the European Central Bank. Once again, soaring energy prices played a major role, rising a painful 28.6%.
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Inflation in the eurozone has hit another record high, as the war in Ukraine stokes energy and food prices. Prices had already been increasing because of supply chain problems in the wake of the coronavirus pandemic.
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The European Commission says Croatia has met all the conditions to adopt the euro common currency starting in 2023. The planned switch will come less than a decade after the Balkan country joined the EU.
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Inflation is running at its highest levels ever among the 19 countries using the euro, according to numbers published by Eurostat. Energy prices, which went up almost 40% in July, have contributed to the record hike.
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Inflation in the eurozone reached 10% in September, the highest it has ever been in the history of the common European currency.
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The increase outpaced the predictions from economists. The European Central Bank hinted that another interest rate hike was likely on the horizon.
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The euro is performing better than expected with annual inflation dropping to 10% in November this year, partly due to energy prices. But experts are not overly optimistic.
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2023 rings in change for Croatia, with the Balkan country becoming the latest to join the eurozone and the Schengen area. The open borders are welcomed on all sides, but Croatians are wary about the new currency.
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After years of waiting, Croatia is adopting the euro and joining the Schengen Area. EU Commission chief Ursula von der Leyen praised it as "a day for the history books" during the ceremony at the Croatian border.
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Inflation in the 19 countries using the euro stood at 9.2% year-on-year in December. Having peaked in October at 10.6%, a slight reduction in the pace of inflation is prompting hopes of the peak having passed.
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Economic output grew by 0.1% in the last quarter of 2022 compared with the previous quarter, according to an early estimate.
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