EURO ZONE

摘要

The GDP outlook has improved modestly on the back of confirmation thatthe economy exited its longest recession on record in Q2. GDP grew by 0.3％ (q-o-q) after six straight quarters of decline. All expenditure-based components helped to support activity, including exports, domestic demand and a 0.4％ (q-o-q) rise in government consumption. This suggests that austerity is easing. A broadening - if muted - Euro zone recovery was also evidenced in August's PMIs for the service and manufacturing sectors. Meanwhile, industrial production jumped from a May contraction to +0.7％ (m-o-m) in June and soared by 1.2％ (q-o-q) for Q2 as a whole, lifting our panel's 2013 forecast. A soft 0.1％ (m-o-m) increase in retail sales points to lingering fragility in the recovery, though.