The European economy sees growth after months of stagnation or decline, but prospects clouded by rising interest rates, Euronews reports.
Eurostat, the statistical agency of the EU, reported that the economy of 20 eurozone countries, with a population of 346 mn people, experienced a growth rate of 0.3% from April to June. This marks an improvement compared to the zero growth in the first quarter of this year and a slight decline in the fourth quarter of last year, though the increase is not substantial.
Furthermore, a review of the data for the first quarter revealed an upward revision of the growth rate to 0.1%, effectively nullifying two quarters of production decline. Concurrently, inflation in the eurozone continued its gradual decrease, falling to 5.3% in July from 5.5% in June.
The situation is complicated by the shadow cast on the prospects of economic recovery due to the rise in interest rates.
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