The euro zone economy grew by a mere 0.1% in the second quarter, lower than previously estimated, official data showed today.
The European Union’s Eurostat data agency had previously put growth at 0.3% between April and June compared with the previous quarter in the countries that use the euro currency.
Eurostat also revised its first-quarter figures, saying the economy grew 0.1% and did not stagnate as previously thought.
“The European economy is generally stagnating. It is suffering from high interest rates, energy prices and the global slowdown,” said Charlotte de Montpellier, analyst at ING bank.
The European Central Bank has hiked rates in efforts to tame soaring inflation.
Europe’s top economy, Germany, slipped into a recession at the turn of the year and stagnated in the second quarter.
Eurostat maintained its estimates for the 27-nation EU, with zero growth in the second quarter and output grew by 0.2% in the first quarter.