Supply chain disruptions and soaring oil and gas prices have slowed down economic activity in the eurozone. According to the results of the first quarter, the total GDP of 17 countries using the single currency amounted to 0.2%. The Eurostat service came to such preliminary conclusions.

Last year, the EU economy began to gain momentum again after the pandemic, but due to the war in Ukraine, energy prices jumped by 38%. Food, tobacco, alcohol, manufactured goods and services also rose in price. Headline inflation in the euro area was 7.5% in April. In Spain, the inflation rate has hit a record since the mid-1980s.