Eurozone in Recession as German Bosses Depressed

The eurozone slipped into a technical recession in the first quarter of 2023 due to high food and energy prices, with economic output declining 0.1% after a fourth-quarter contraction of the same magnitude. The downturn was mild and unlikely to weigh on an economic recovery from the pandemic, but it signaled that growth would remain tepid for the remainder of the year. Stubbornly high inflation tipped many consumers across the continent into a cost-of-living crisis, prompting them to pull back considerably on spending during the period.