Europe’s economy has shrunk. For households that are hurting, it’s just numbers

LONDON (AP) — The European economy has contracted slightly at the end of last year and beginning of 2023. The revised figures released Thursday underline the impact of the loss of Russian natural gas and high inflation on consumer spending. The economic growth figure for the 20 countries that use the euro currency has been revised down from zero to minus 0.1% for the fourth quarter of 2022. The number for the first three months of this year also has been downgraded from 0.1% growth to minus 0.1%. Two consecutive quarters of declining output is one definition of recession. However, the economists on a panel that declares eurozone recessions use a broader set of data, including unemployment figures.