European economy avoids recession
The eurozone economy grew by 0.1% in the fourth quarter of 2022. Preliminary data from Eurostat showed this, CNBC reported.
"The preliminary Eurozone GDP report shows that economic growth slowed again in the fourth quarter, but did not fall immediately, contrary to reports from business surveys," commented Melanie Debono, senior economist for Europe at Pantheon Macroeconomics.
Much of the recovery in Europe was due to lower energy prices in the second half of 2022, which brought some relief to the broader economy.