FRANKFURT, Germany (AP) — Europe’s economy stagnated at the end of last year as its former growth engine, Germany, finished a second straight year of shrinking output, officials said Thursday.
FRANKFURT, Germany — Europe’s economy stagnated at the end of last year as its former growth engine, Germany, finished a second straight year of shrinking output, officials said Thursday.
Germany is laboring under multiple headwinds including the loss of cheap energy from Russia, choking bureaucracy and political paralysis in Berlin. Its economy contracted 0.2% in the fourth quarter. Leading European economies Germany and France are both unsettled by political turmoil that has left businesses and consumers uncertain about what the future holds in terms of government spending, regulation and taxes. Germany’s confusion could clear up after a national election on Feb. 23 following the collapse of Social Democratic Chancellor Olaf Scholz’ governing coalition, which has been mired in months of bickering over what to do about the economy.
The European Central Bank cut is expected to cut its key interest rate later Thursday, a step that could help boost growth.
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