RTTNews - Thursday, the flash estimate from the Eurostat showed that the euro area contracted 0.1% sequentially in the second quarter, much slower than the 2.5% decline seen in the first quarter. Economists had expected a quarterly decline of 0.5%.
Year-on-year, seasonally adjusted GDP dropped 4.6% compared to first quarter's 4.9% fall. The second quarter decrease was also smaller than the expected 5.1% decline.
During the second quarter, the U.S. economy shrank 0.3% sequentially after falling 1.6% in the first quarter.
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