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BREAKING
Israeli media: Direct damage from Iranian bombing of "Israel" in one week is estimated at approximately 5 billion shekels (about $1.35 billion)
Unprovoked aggression against Iran has no basis or justification: Putin
Shahid Beheshti University Public Relations: The Israeli aggression targeted a building belonging to Shahid Beheshti University with the aim of sabotaging Iran's cultural and scientific infrastructure
Al Mayadeen correspondent: The Fordow nuclear facility was bombed once again, 24 hours after the US aggression.
Fars News Agency, citing informed sources: The Iranian Armed Forces used the Kheibar-Shekan, Emad, Ghadr, and Fattah missiles in their attacks on the Israeli entity today
Sirens sound from the occupied Golan Heights to Akka and Nahariya
Sirens sound again in the occupied Golan Heights and al-Jalil
Israeli media: Power outages reported in several settlements following a missile attack targeting an infrastructure facility
Israeli media: Strategic location in the south likely hit
Israeli media outlet: Reports of missiles falling in at least 7 areas, including Askalan, Safad, and Isdud

Eurozone economic growth declining, could reach zero

  • By Al Mayadeen English
  • Source: Agencies
  • 27 Sep 2022 11:46
2 Min Read

The stark increase in energy costs and the loss of Russian gas has slowed down Europe's economic growth.

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  • Eurozone economic growth declining, could reach zero
    Eurozone economic growth declining, could reach zero

Eurozone economic growth has been on a decline and could soon become zero, according to the vice president of the European Central Bank (ECB). 

“We are seeing that in the third and fourth quarters there is a significant slowdown and we may find ourselves with growth rates close to zero,” said Luis de Guindos at a conference, as reported by Reuters. 

Due to the stark increase in energy costs and the loss of Russian gas, economic output has been suffering. This has raised the risk of energy rationing in the next season, which will require a lot of heaters. 

Read next: Eurozone inflation hits yet another record high in August

Euro area annual inflation, with the energy price increase, reached 9.1% as of August, and is expected to increase to 9.6% this month, reaching a record high. 

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Bulgaria faces protests as Euro adoption nears approval

German economy shrinks 0.3% in 2023

Earlier this month, the ECB raise interest rates by 75 basis points, just weeks after pushing a 50-point increase with the aim of ameliorating inflation. The regulator notes that more hikes will be implemented, with another interest rate point increase coming in October. 

However, the nature of the upcoming moves was not disclosed. The rates will rather be "rate-dependent."

Last week, de Guindos remarked that “Markets believe that the slowdown of the economy would reduce inflation by itself. Actually, this is... not right. Monetary policy has to make a contribution."

Earlier this month, EU energy minister gave the European Commission a mandate to limit gas prices. Surging costs of power linked to gas prices have already stunted the production of various industries, such as fertilizers and aluminum manufacturers, and prompted EU governments, such as Germany, to increase their spending by billions in order to help their citizens.

Italy and Germany are now the two largest European countries most exposed to a gas supply shock due to their extensive use of natural gas and significant reliance on Russia, according to S&P Global Ratings.

Read more: Germany industrial orders in decline for 6 months

  • Eurozone
  • Russia
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

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  • 18 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

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  • 19 Jun 2025

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