Euro Zone Succumbs to Mildest of Recessions on Energy Shock
- Revised Eurostat data reveal first downtrun since pandemic
- Growth likely to have resumed this quarter, inflation easing
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The euro area suffered the mildest possible recession during the winter after Russia’s war in Ukraine sent energy prices soaring.
The 20-nation economy shrank by 0.1% between January and March, revised data showed Thursday, adding to a fourth-quarter decline of the same magnitude and resulting in the first six-month contraction since the Covid-19 pandemic.