Europe’s economy has slowed as the war in Ukraine has sent costs soaring
Europe’s economic recovery slowed in the first weeks of March, 2022 after Russia invaded Ukraine, the S&P Global’s business surveys showed.
The war’s impact rippled quickly through Europe by disrupting already strained supply chains, weakening confidence, and sending raw material and energy prices soaring.
Eurozone businesses reported the sharpest rise in costs since the survey began to collect records in 1998. In response, businesses raised their prices. “The war has aggravated existing pandemic-related price pressures, which will inevitably feed through to higher consumer prices in the months ahead,” said Chris Williamson, a chief business economist at S&P Global.