• Seasonally adjusted €14.6bn from €16.1bn prior
  • May sa exports -2.3% m/m. Imports -2.2% m/m
  • May unadjusted exports 0.0% y/y. Imports -6.0% y/y

Blimey, not good reading at all. Talk about US GDP being written down, this isn’t going to be good for the EZ either.

Last week the IMF revised their 2013 forecast and saw the EZ contracting by 0.6% with rebound to +0.9% in 2014.