Europe’s economic pain drags on with zero growth at the end of last year

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — Europe’s economy failed to expand at the end of 2023. The stagnation has now lasted for more than a year amid higher energy prices, costlier credit and a downturn in former powerhouse Germany. The EU statistics agency said Tuesday that zero growth for the October-to-December period of last year follows a 0.1% contraction in the three months before that. The start of this year looks no better, with disruptions to shipping in the Red Sea constricting global trade, surging shipping costs and threatening to boost inflation. The new figures underlined the growing divide between Europe and the United States, which has seen much stronger growth.