| Consensus | Consensus Range | Actual | Previous | Revised | |
| Quarter over Quarter | 0.2% | 0.2% to 0.2% | 0.0% | -0.1% | -0.2% |
| Year over Year | 0.7% | 0.7% to 0.7% | 0.5% | 0.9% |
Highlights
Real GDP was stable in the second quarter, following a 0.2 percent decline in the first quarter. The year-on-year rate came in at 0.5 percent. Despite the improvement over the first quarter, today's result failed to match the preliminary results which showed a 0.2 quarter-on-quarter gain and a 0.7 percent improvement over the second quarter of last year.
The reading missed expectations, with Econoday's survey median calling for quarter-on-quarter growth of 0.2 percent and year-on-year growth of 0.7 percent.
Household consumption rebounded 0.3 percent after a 0.3 percent drop the prior quarter. Gross fixed capital formation fell 0.3 percent, a smaller decline than the previous quarter's 0.8 percent, dragged down by weaker investment in market services and construction.
Government consumption rose 0.4 percent, slightly faster than the prior quarter's 0.3 percent. Altogether, final domestic demand excluding inventories added 0.2 points to growth, reversing a 0.3 point drag in Q1.
Foreign trade was the main support for growth. Exports rebounded 2.9 percent, led by aeronautics, after a 3.0 percent drop in Q1. Imports rose a more modest 1.1 percent. Net trade contributed 0.6 points to GDP, compared with a 0.9 point drag the previous quarter.
Inventory changes subtracted 0.7 points from growth, reversing a 0.9 point contribution in the first quarter.
Market Consensus Before Announcement
No revision expected from the flash with growth at 0.2 percent on quarter and 0.7 percent on year in Q2.