Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
Eurobank Monthly Global Economic & Market Monitor (September 2016)
According to the BEA’s 2 nd estimate, Q2 GDP growth was revised one-tenth lower to 1.1%QoQ saar (1.2%YoY), supported by a sharp rebound in real personal consumption growth (+4.4%QoQ saar) amid a positive payback in durable goods from their first-quarter weak performance. Gross fixed capital formation remained weak, with nonresidential structures still mirroring the lagged effects of previous declines in energy prices. Inventory accumulation constituted a drag for GDP growth for a fifth quarter in a row, while government consumption dropped 2.2%QoQ saar vs. a 1.3% decline in the advanced estimate, following five consecutive quarters of positive growth.
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