Thu. Feb 9th, 2023

FRANKFURT (Reuters) – The euro zone financial system might have outperformed expectations final quarter and ended 2022 with constructive progress, European Central Financial institution policymaker Mario Centeno advised the World Financial Discussion board in Davos.

“I additionally suppose that the financial system has been shocking us quarter after quarter; the fourth quarter in Europe shall be most definitely nonetheless constructive,” Centeno stated. “Possibly we’ll be shocked additionally within the first half of the 12 months.”

The ECB predicted adverse progress in each the fourth and first quarters earlier than a rebound, so a constructive consequence within the closing months of 2022 would imply the bloc would keep away from a recession, usually outlined as two consecutive quarters of adverse progress.

(Reporting by Balazs Koranyi; Modifying by Andrew Heavens)

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