As a result of rising prices, the eurozone is in recession

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According to updated statistics, the eurozone entered a recession this winter as a result of consumers being hurt by price increases.

The 20-nation bloc's economy shrank in the last three months of 2022 and again between January and March, falling by 0 percentage points.

Generally speaking, a recession occurs when the economy contracts for two consecutive quarters of three months.

Rising food and energy costs have affected households throughout the eurozone, as they have in other regions.

Household spending in the bloc decreased by -0.3% in the first quarter of 2023 and by 1% in the previous quarter.

According to early growth projections, the eurozone avoided a recession and grew by 0 percentage points in the first three months of 2018. However, updated data from Eurostat revealed that it had decreased in the first quarter.

The largest economy in Europe, Germany, experienced revised data, which helped the country enter a recession.

Germany announced last month that it had entered a recession at the beginning of the year after its economy shrank by 0.3 percent between January and March.

Given that interest rates are still rising and "inflationary pressures are still present," Oxford Economics economist Riccardo Fabiani predicted that the eurozone would only experience "soft growth" in the upcoming months.

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