Eurozone 2Q2023 GDP rises +0.6% driven by service-dependent countries

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Bankinter : 2Q2023 GDP (preliminary) stood at +0.6% vs +0.5% estimated and +1.1% previous (revised from +1.0%). In quarter-on-quarter terms +0.3% vs +0.2% estimated and -0.1% previously.

Assessment: The economy was supported by countries more dependent on the Services Sector, while the worst evolution responded to those more dependent on the Manufacturing Sector such as Germany (two consecutive quarters in negative). The recovery process is slow due to the lower purchasing power of households, higher financing costs and the reduction in public spending.

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