EU officials warn of economic slowdown due to energy crisis, high inflation

The European economy is slowing down and a contraction is predicted at least for the winter months due to the energy crisis and high inflation, European Commissioner for Economy Paolo Gentiloni has warned.

“If we look at high-frequency indicators and the economic sentiment, we see that many things point to a contraction in economic activity this winter,” Gentiloni said at a press conference of the Eurogroup on Monday.

Paschal Donohoe, president of the Eurogroup, said everyone knows that the economy within the euro area is slowing down. In October, economic growth for the area stood at 0.5 per cent, Xinhua news agency reported.