Eurozone Q2 preliminary GDP -12.1% vs -12.1% q/q expected

Latest data released by Eurostat - 31 July 2020

• Prior (Q1) -3.6%
• GDP -15.0% vs -14.5% y/y expected
• Prior -3.1%

The Eurozone economy posted a record slump in Q2, matching estimates as the impact of lockdown measures and the fallout from the virus outbreak is laid out for all to see. On a more positive note, inflation ticked higher and that will be the more important takeaway for ECB policymakers should the trend be able to be sustained towards the year-end.