The eurozone economy shrank over the past two quarters, according to downgrades published on Thursday, which showed that output in the bloc declined at a quarterly rate of 0.1 per cent in both three-month periods.
The downgrades, which represent the mildest of technical recessions, take some shine off the recent performance of the eurozone economy, which has done better than many economists feared when the bloc was hit by an energy and cost of living crisis.
Analysts said the move could erode confidence in the eurozone economy’s resilience and make European Central Bank rate-setters more hesitant to carry on increasing borrowing costs.
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