The European Commission has cut its outlook for the Eurozone economy, predicting it will be dragged down this year by a contraction in Germany.
Output in the 20-nation currency bloc will rise by 0.8 percent in 2023, compared with an earlier forecast for 1.1 percent growth, according to updated projections published Monday by the European Union's (EU's) executive arm. Next year's outlook was lowered by the same amount, to 1.3 percent.
The region's biggest economy is largely to blame. Germany, which had been expected to grow in 2023, is now facing a decline of 0.4 percent. The Netherlands saw an even heftier downward revision, to 0.5 percent from 1.8 percent. Spain and France, at the other end of the spectrum, are set to expand.
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