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Last Week’s Highlights
Eurozone Economy Contracts Less than Forecast in Q2
The revised Q2 GDP data from the eurozone had some good news.
Economic activity fell at a slower pace than initially reported. The Eurozone’s GDP fell at a pace of 11.8% compared to the initial reports that showed a 12.1% decline.
Despite the modest improvement, the declines in the GDP were the largest since record-keeping began. The annual GDP recorded a 14.7% decline compared to 15% as per initial estimates.
German Exports Rise for Three Consecutive Months
The monthly export data from Germany, Europe’s largest economy, is showing signs of a rebound, rising for three months in a row.
The latest data for July showed that exports from Germany grew at a pace of 4.7% on a monthly basis.
Despite the increase, the pace was much slower compared to June’s increase of 14.9%. Economists were hoping for a 5% increase for the period.
Imports for the same period fell by 1.1%, compared to a 7% decline in th...
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