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

By DAVID McHUGH and COURTNEY BONNELL
AP Business Writers

LONDON (AP) — The European economy has contracted slightly at the end of last year and beginning of 2023. The revised figures released Thursday by the European Union’s statistics agency underline the impact of the loss of Russian natural gas and high inflation on consumer spending. Economic output in the 20 countries that use the euro currency dropped 0.1% in both the final three months of 2022 and first three months of this year from the previous quarters. 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.