BRUSSELS: The European Commission cut its 2023 forecast for economic growth in the eurozone by 0.3 points to 0.8 percent on Monday, mainly due to Germany’s poor performance.

“Latest data confirm that economic activity in the EU was subdued in the first half of 2023 on the back of the formidable shocks that the EU has endured,” the commission said.

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The eurozone inflation forecast has also been revised down, forecast to remain well over target at 5.6 percent in 2023 compared to 5.8 percent in the previous outlook.