The European Commission has revised its economic outlook for the euro-area, anticipating a downward impact this year primarily due to a contraction in Germany. The revised projection for 2023 indicates a 0.8% increase in output for the 20-nation currency bloc, down from the previous forecast of 1.1% growth. Next year’s outlook was lowered by the same amount, to 1.3%.

Weakness in domestic demand, in particular consumption, shows that high, and still increasing consumer prices for most goods and services, are taking a heavy toll. And the impact of tight monetary policy is set to continue restraining economic activity.

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