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Euro-Zone Trade Deficit Narrows, But Fails to Meet Expectations (Update)
Friday, 17 October 2008 09:06:59 GMT  |  DailyFX Research
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The eurozone August sa trade deficit narrowed to EUR 6.1 bln from EUR 6.7 bln in the previous month. The result was not quite as positive as expected in the light of lower oil prices that month, but the 2.2% m/m decline in nominal imports was fully compensated by the 2.3% m/m drop in nominal exports that month. Unadjusted data show a trade deficit of EUR 9.3 bln, versus a surplus of EUR 1.5 bln in August last year and after a EUR 2.0 bln deficit in July. Accumulated data for the first eight months of the year show a deficit of EUR 24.0 bln, versus a surplus of EUR 16.5 bln in the corresponding period last year.

Meanwhile, Eurozone August construction activity rose 0.1% m/m, bringing the annual rate to -2.5% y/y, after 0.1% m/m and -3.3% y/y in July. This was the second months of a slight rise after several very weak months, but with the financial crisis intensifying the downward trend is likely to be resumed again in coming months and the data are too backward looking to change the gloomy growth outlook.

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