The eurozone economy lumbered forward in the first quarter, expanding just 0.1 percent over the previous quarter.
High inflation and interest rates are keeping economic growth anaemic in the eurozone and wider European Union.BRUSSELS - The eurozone economy lumbered forward in the first quarter, expanding just 0.1 percent over the previous quarter as high inflation and interest rates weigh on activity.Year-on-year, Germany was the only country in the single-currency zone to record a contraction, of 0.1 percent.
EU economy commissioner Paolo Gentiloni said the first-quarter data"is encouraging news, which shows a European economy that continues to show resilience against a challenging global backdrop". Although eurozone inflation has eased somewhat, it is still 6.9 percent on an annualised basis, more than three times the European Central Bank's target of two percent.
The central bank has raised rates by 3.5 percent since July last year and its chief economist, Philip Lane, said this week that"this is still not the right time to stop".
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