This matches the initial estimates and is a bit of a surprise given how downbeat the recent data is. Eurostat does note that there could be an outlier though, with Irish GDP jumping by 3.3% – driven by the taxation reasons, which is seeing an oversized impact among big foreign companies located in the country. I’ll just take that at face value.
In any case, we know that the euro area economy is stuttering hard as we enter Q3 and the outlook certainly doesn’t look bright at the moment.