Eurozone Q2 final GDP -11.8% vs -12.1% q/q second reading

Latest data released by Eurostat – 8 September 2020

  • GDP -14.7% vs -15.0% y/y second reading
  • Household consumption -12.4% vs -12.2% q/q expected
  • Prior -4.7%; revised to -4.5%
  • Government spending -2.6% vs -2.5% q/q expected
  • Prior -0.4%; revised to -0.7%
  • Employment -2.9% q/q
The second reading can be found here. The mildly higher revision is little consolation as this just reaffirms the biggest slump in the euro area economy on record. The market is more focused on the recovery phase now so this data release means little.