GERMANY

摘要

According to the preliminary estimate of Q2 GDP (released after our survey deadline), growth accelerated to 0.7% (q-o-q) from 0.1% in Q1. While a detailed breakdown of the national accounts is not released until August 23, latest indicators suggest a broad-based recovery in recent months. The outlookfor German industry is brightening due to a slight upturn in Euro zone activity, while a strengthening labour market bolsters private consumption. Industrial production rebounded by a robust 2.4% (m-o-m) in June, resulting in a 2.8% (q-o-q) jump for Q2 as a whole, the fastest pace of expansion forthree years.