Today, flash estimates for 2Q GDP growth in the Eurozone countries were released. The EZ surprised markets with strong q/q momentum of +0.7% (1Q: +0.5%), despite inflationary pressures and global uncertainty. Compared to the previous year, 2Q GDP growth was a solid +4.0% (1Q: +5.4%). Top performers included Italy and Spain. Austria also surprised positively.
The International Monetary Fund (IMF) has revised its growth forecasts significantly downwards. The IMF now expects global growth of +3.2% (-0.4 pp compared to April) in 2022 and +2.9% (-0.7 pp compared to April) in 2023. The revisions for China and the US are the main drivers of lower global growth expectations.
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