The euro-area economy barely grew in the second quarter as new data showing a dismal performance for exports forced a downward revision in overall growth numbers for the region.
Gross domestic product rose only 0.1% in the three months through June, compared with a prior increase measured at 0.3% — an outcome that had surprised to the upside when first published in late July. Economists had anticipated that the reading would be repeated in fuller data, according to the median estimate in a Bloomberg survey.
There was a worry at the last ECB meeting in July that stagflation may be threatening to take hold — a prospect that the new numbers may make more ominous. The revision also raises the prospect that the ECB’s previous 0.9% growth projection for the year may be shifted downwards in new forecasts also due on Sept. 14.
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