Eurozone already in recession – UBS ...News

The energy crisis has led to the economic downturn, bank economists say The euro area has already entered a “shallow” recession that will last through the end of the year, economists at UBS Group said on Thursday, in a report seen by Bloomberg. They attributed the contraction to energy price pressure. The Eurozone economy will reportedly contract by 0.1% in the third quarter and by 0.2% in the fourth. The full-year outlook has been upgraded while the growth forecast for 2023 has been cut to 0.8% from 1.2%. “In light of further significant energy-price increases, which imply further pressure on household consumptio

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