BRUSSELS, March 9 — The eurozone economy stagnated in the fourth quarter of 2022, the EU’s statistics agency said Wednesday, revising its previous figure recording weak growth.
If the EU economy shrinks in the first quarter of 2023 that will mean it will have entered a technical recession — two straight quarters of economic contraction. The agency recorded no change for the single currency area’s economic growth of 3.5 per cent in 2022 but revised the EU’s from 3.6 per cent to 3.5 per cent.“There have been some positive signs in the past couple of months, but policy tightening is likely to push the eurozone into recession this year,” Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics, said in a note.
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