Exports in Europe rose the most on record at a rate of 4.4% from the first quarter, the biggest gain since records for the EMU began in 1995. This spurred gross-domestic-product on in the second-quarter which grew at 1%, in line with expectations. However, as we have mentioned on several occasions the third quarter is likely to be less bountiful as the recovery loses momentum across the globe. In The euro-region momentum is likely to be hit by governments efforts to trim budget deficits by cutting spending.
Written by Jonathan Granby, DailyFX Research Team
If you wish to contact the author with comments or questions email jgranby@fxcm.com
DailyFX provides forex news on the economic reports and political events that influence the currency market.
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