• Prior -0.2%
  • GDP +% y/y
  • Prior +4.5%

The headline reading may be a fair bit more encouraging than it may seem. The details show that domestic demand contributed 0% to Q2 GDP with household spending actually seen at -0.2% q/q. As for the other components, foreign trade added 0.4% and inventories added 0.1% to make up the headline figure. The drag on domestic demand has only gotten worse to start Q3 and that will be better reflected in the economic figures moving forward.