🇪🇺Euro Area Q2 GDP and July CPI Beat Estimates

Flash estimates show Q/Q GDP growth printed at 2%, up from the previous contraction of 0.3% and higher than the consensus of 1.5%. The Y/Y figure saw a 13.7% rise, up from the previous -1.3%.

Portugal, at 4.9% Q/Q, is said to have posted the highest increase in growth, this was followed by Austria's 4.3% and Latvia's 3.7%. Lithuania and Czechia posted the slowest increases, with 0.4% and 0.6% respectively.

Euro area prices posted a 2.2% Y/Y increase, up from the previous 1.9%. Eurostat reported energy having the highest annual rate in July, 14.1%. Core inflation rate eased to 0.7% from 0.9% Y/Y.