Eurozone Likely To Enter Recession As Surging Prices Hit Demand

Capt. John

The downturn in business activity across the eurozone deepened this month and the economy is likely entering a recession as consumers rein in spending amid a cost of living crisis, reports the Business Times.

Manufacturers hit by high energy costs

Manufacturers were particularly hard hit by high energy costs after Russia’s invasion of Ukraine sent gas prices rocketing, while the bloc’s dominant services industry suffered as consumers stayed at home to save money.

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