Eurozone economic data is consistent with slower pace of growth in Q2 - BBH

Research Team at BBH, notes that the Germany reported May trade and current account data which showed that exports contracted -1.8% m/m vs. expectations for a 0.4% gain, while imports rose 0.1% m/m vs. 0.7% expected. 

Key Quotes

“This comes after weaker than expected German industrial orders and IP this week, and the Eurozone economic data is consistent with a somewhat slower pace of growth in Q2 after the unusually strong 0.6% advance in Q1.  Consider that over the past five years (20 quarters), growth has averaged less than 0.15% a quarter.  France reported May IP at the expected -0.5%m/m, but the y/y rate was a weaker than expected 0.5%.”