The European Commission has cut its outlook for the Eurozone economy, predicting it will be dragged down this year by a contraction in Germany.

Output in the 20-nation currency bloc will rise by 0.8 percent in 2023, compared with an earlier forecast for 1.1 percent growth, according to updated projections published Monday by the European Union's (EU's) executive arm. Next year's outlook was lowered by the same amount, to 1.3 percent.

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