Iran's conflict impacts eurozone
The European Central Bank reported that Iran's war caused a sharp decline in household spending in the Eurozone during the early weeks of the conflict, as consumer confidence plummeted, leading to reduced spending on luxury goods. Although there was a slight recovery in confidence, the level remained below pre-war levels, threatening the already fragile economic growth. Additionally, the pace of consumption growth slowed from around 3-4% since mid-2024 to about 2.5% in April, due to higher-income households cutting back on their expenditures.
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