“Eurozone Q2 GDP Unchanged at 0.1%; we changed our ECB-view and now expect the ECB to Keep Rates on Hold at 2%. Eurozone Q2 GDP unrevised at 0.1%; solid consumption likely offset tariff shock. The 2nd estimate of Q2 GDP was released this morning, and headline growth was unrevised from the 1st estimate at 0.1% q/q. We still do not have the expenditure breakdown, but with industrial production revised down in May and coming in weak in June, we suspect that net exports were revised down on the back of the unwind of US export frontloading, but that this was offset by consumption, which is coming in stronger. The full details will be released with the 3rd estimate of Q2 GDP on 5 September. We will update our growth forecasts in our Global Monthly publication, released next week.”
Morten W. Langer
