All of this has resulted in a less favourable global growth outlook and – most importantly for us – it has reflected on growth in the euro area, our key economic partner.
Chart 1 Movement of benchmark prices of natural gas and electricity for Europe  Chart 2 European gas imports (w eekly data, in million m3)  (end-of-quarter, in EUR/MWh)  10,000  400  350 300  Natural gas spot price, Dutch TTF hub Electricity spot price, Germany Baseload* Electricity spot price, Hungary Baseload  Start of Ukraine conflict  9,000 8,000 7,000  250  6,000 200  5,000  150  4,000  100  3,000  50  2,000  0  1,000  -50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022  0 1/2021  4/2021  Russia  Sources: Refinitiv and World Bank.