Europe’s economy shrank. For households that are hurting, it’s just numbers
1 year, 6 months ago

Europe’s economy shrank. For households that are hurting, it’s just numbers

Associated Press  

LONDON — The European economy contracted slightly at the end of last year and beginning of 2023, revised figures showed Thursday, underlining the impact of the loss of Russian natural gas and high inflation on consumer spending. “Maybe before I used to buy more products I didn’t need, like potato chips for example,” Milo Taneron, a 26-year-old youth social worker, said while shopping in a Paris supermarket recently. Her comments followed recent figures from Germany showing that Europe’s biggest economy unexpectedly shrank in the first three months of this year, marking its second quarter of contraction. The Euro Area Business Cycle Dating Committee said there had been “no recession” in its last update, which was released March 27 and only dealt with data through the end of last year. It said falling consumer spending was statistically offset by a large reduction in imports and that “the output growth pause contrasts with a continued, robust expansion in employment.” ___ McHugh reported from Frankfurt, Germany.

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