The euro-area economy may have experienced a downturn at the end of last year and will probably continue to struggle, according to European Central Bank Vice President Luis de Guindos.

“Soft indicators point to an economic contraction in December too, confirming the possibility of a technical recession in the second half of 2023,” Guindos said Wednesday in a speech. “Incoming data indicate that the future remains uncertain, and the prospects are tilted to the downside.”