“Growth was still very weak,” said Rory Fennessy, European economist at Oxford Economics. He added that “the positive reading could mask underlying weakness in domestic demand” and that “private consumption is likely to have contracted.”
“The main reason” pushing Europe into positive territory was strong growth of 3.5% in Ireland — a figure usually “distorted” by the large number of foreign firms located there for tax reasons, said Martin Moryson, chief economist for Europe at asset manager DWS.Growth also faced headwinds from reduced activity in China, a major trade partner, due to the severe COVID-19 restrictions that have since been lifted.
is a key question for Europe and the global economy this year, given China’s previous role as a motor of global growth.technical recession even if economic expansion is negative in the first three months of this year. Two straight quarters of falling output is one definition of recession, although the economists on the eurozone business cycle dating committee use a broader range of data such as unemployment and the depth of the downturn.
Somehow still all Biden’s fault
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