Q2 GDP figures revised up

GDP reading: In a second release by the statistical office, GDP growth in Q2 was revised up to 0.2% on a seasonally adjusted quarter-on-quarter basis (preliminary reading: -1.0% qoq s.a.). However, this still marks a sharp slowdown from the prior quarter’s 7.5% expansion. On an annual basis, economic growth accelerated to 17.1% in Q2, compared to the previous quarter’s 19.9% expansion.

Drivers: Relative to the prior quarter’s figures, readings in Q2 improved for private spending (+1.0% qoq s.a. vs +0.2% in Q1) and government spending (+2.5% vs -1.3% in Q1). Meanwhile, readings in Q2 worsened for fixed investment (-36.9% vs +73.4% in Q1), exports of goods and services (-4.0% vs +9.4% in Q1) and imports of goods and services (-10.8% vs +14.1% in Q1). The decline in exports and fixed investment came as shipments to the U.S. returned to more normal levels, having temporarily surged in Q1 as multinational firms sought to dodge Trump’s tariffs.

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