The European economy has scraped out meager growth of 0.1% in the first three months of the year.
European governments and utilities also scrambled to line up additional sources to heat homes, generate electricity and power factories afterGermany, Europe's largest economy, turned in disappointing zero growth from the previous quarter. After a contraction of 0.5% at the end of 2022, the country is in the “recession danger zone,” said Carsten Brzeski, chief of global macro at ING bank. Ireland shrunk 2.7%.
Spain and Italy performed better, both growing 0.5%, while France managed a 0.2% expansion thanks to exports. The standout was Portugal, which needed a bailout during the eurozone debt crisis a decade ago, shining with 1.6%.boosted the outlook for global economy . But the U.S. disappointed, growing at an annualized rate of 1.1%, or 0.3% compared with the quarter before. In Europe, the mild weather also allowed an early start to construction activity.
Inflation, however, is holding back consumer spending, with wage increases only partly offsetting how much more people have to pay for groceries, clothing and more. Higher food prices have
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