The fundamental landscape surrounding the euro zone economy has shifted slightly when compared to the first three quarters of 2022 and that is largely due to the significant reduction in oil and gas prices, which has provided great relief to the mass importer of these commodities.
In fact, the lower costs of oil and gas combined with a relatively mild winter in Europe, has already filtered into the economy via much improved current account balance. The current account records the payments for goods and services, plus investment income and transfers, between an economy and the rest of the world. While this is a broad measure taking more than trade data into account, it helps reveal that the EU economy is attempting to turn the corner and head in the right direction.
