European Central Bank: It is expected that the increase in oil prices caused by the war will reduce Eurozone GDP growth by about 0.4 percentage points in the first year.

European Central Bank: It is expected that the increase in oil prices caused by the war will reduce Eurozone GDP growth by around 0.4 percentage points in the first year. Currently, the increase in oil prices is greater than after the conflict in Ukraine, but less than during the Gulf War in the 1990s. If the impact continues for a longer period of time, the cumulative drag on economic growth may be greater. Unlike in previous situations, the effects are expected to gradually accumulate throughout the year.