Bloomberg: Energy prices are causing a recession in the eurozone
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Due to high energy prices, the eurozone countries will enter a recession in the third quarter of 2022. About it declared Bloomberg, citing economists from the Swiss bank UBS.
Experts believe that in the third quarter, the decline in the total GDP of 19 eurozone countries will be 0.1%. In the fourth quarter, the economy may shrink by 0.2%.
According to a survey of economists, the cumulative growth of the economies of the eurozone countries in the first quarter of 2023 will be 0.1%, which is lower than in the first quarter of 2022 (0.5%). In the second quarter of next year, experts expect GDP growth by 0.5%, and in the third and fourth – a slowdown to 0.4%.
Wholesale energy prices over the past five years have increased more than ten times compared to the seasonal average. Russia cuts natural gas supplies to Europe.
August 25 spot September gas futures price reached a record level since the beginning of March and at the moment it grew to $3,300 per 1,000 cubic meters. m.
How Europe is looking for a replacement for energy resources from the Russian Federation, read in the publication “Kommersant” “Olaf Scholz produces gas in Canada”.
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