Europe’s economy perked up slightly at the start of the year, recording 0.3% growth in the January-March quarter compared to the last three months of 2023 as the inflation burden on consumers eased and the stagnating German economy, the continent’s biggest, started to show modest signs of life.
The 20-country eurozone recorded its strongest performance since the third quarter of 2022 and improved on shrinkage of 0.1% in each of the last two quarters of 2023, according to official figures released Tuesday by the European Union’s statistical agency Eurostat.
The economy had been held back by high inflation that has sapped consumer purchasing power, and by an energy price spike related to Russia cutting off most supplies of natural gas.