In its first estimate for the quarter, statistics agency Eurostat said the eurozone grew by only 0.1% from the previous three-month period. That is its lowest rate since the first quarter of 2013, when the single currency bloc was fighting a debt crisis that nearly spelled ruin for the euro itself.
Uncertainty related to Britain's departure from the EU, which is officially taking place later Friday, has also hobbled business and trade. Italy's quarterly performance was its worst since 2013 and though a breakdown was not provided, most economists think it was due to weak domestic demand. There are hopes that Europe could enjoy a spring-back this year, largely because the trade tensions between the U.S. and China have eased following their so-called Phase 1 agreement and amid the greater Brexit certainty.
The Eurozone economy is a failure. Just another tier of government bureaucrats dictating policy from Brussels. Britain was smart getting out that rat hole of bumbling incompetence.