Eurozone GDP revised upwards - ING

Bert Colijn, Senior Economist at ING, notes that Eurozone GDP for the second quarter was revised up from 0.3% to 0.4% as Germany and Netherlands posted stronger than expected growth.

Key Quotes

“While the northern countries did boost growth back to the pace of the first quarter, it doesn't move the needle much on the overall economic picture.”

“Industrial production hasn't been of much help either in Q2.”

“For the months ahead, production seems to be limited by concerns about the global economy on the one hand and capacity constraints on the other.”

“With global concerns anything but subsiding, it seems that subdued investment will remain likely in the months ahead. A Eurozone economy performing at the current pace of 0.4% for the rest of the year, therefore, seems to be the base case for the moment.”