February 3, 2023

European economy sputters as war drives inflation higher

1 min read

CNN Business

The European economy slowed in the first three months of the year due to a combination of rising inflation and preliminary results from the war in Ukraine.

Figures for the first quarter released on Friday show that GDP growth in 19 eurozone countries increased by 0.2% compared to the previous quarter. It was weaker than the 0.3% growth recorded in the last three months of 2021.

Meanwhile, consumer price inflation rose to 7.5 percent in April – the highest since the European Union set a record 25 years ago. Rising energy and food prices were largely responsible.

– This is a developing story and will be updated.

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