Europe at the end of the second quarter has officially entered recession - its GDP showed a decline of 0.1%, which was the second quarterly decline in a row, reports profinance.ru with reference to Bloomberg. In the last trimester of last year, there was a fall of the indicator by the same amount.

Recession in the region has come, despite assurances from the ECB and politicians that it can be avoided, despite the soaring inflation rate to a record for the duration of the euro in the region. It affected its largest economy, Germany, as well as six other countries. For the first time since the pandemic crisis, the eurozone experienced a six-month recession, Bloomberg notes. Decline in the first trimester, according to Eurostat, was due to lower spending by government and households.

However, Europe expects the economy to grow in the second quarter, and country leaders plan to further reduce support for the economy from the budget.