Economy Watch: European View (October 2022)

With business output contracting for a third month in a row and record-high inflation reining in consumers’ sentiment, the Euro Area is likely heading for recession in the near-term. Overall, following a better-than-expected output growth in 2022, and near-stalling growth in 2023, The Conference Board Global Economic Outlook projects the Euro Area economy to grow at 0.8 percent (annual rate) per year on average, below the pre-pandemic average of 1.2.