European Commission cuts Eurozone growth forecast amid building recession risks

The forecast also sees a recession in the German economy

Eurozone GDP growth forecast seen at 0.8% in 2023 (prev. 1.1%), 1.3% in 2024 (prev. 1.6%)
Germany GDP growth forecast seen at -0.4% in 2023 (prev. 0.2%), 1.1% in 2024 (prev. 1.4%)
France GDP growth forecast seen at 1.0% in 2023 (prev. 0.7%), 1.2% in 2024
Italy GDP growth forecast seen at 0.9% in 2023 (prev. 1.2%), 0.8% in 2024 (prev. 1.1%)
Spain GDP growth forecast seen at 2.2% in 2023 (prev. 1.9%), 1.9% in 2024 (prev. 2.0%)

On the lower revisions, the European Commission says that "weakness in domestic demand, in particular consumption, shows that high and still increasing consumer prices for most goods and services are taking a heavier toll than expected in the spring forecast."