European Economics Preview: Eurozone GDP Data Due

Quarterly national accounts from Eurozone and other major economies are due on Friday, headlining a hectic day for the European economic news.

At 1.30 am ET, France statistical office Insee publishes flash GDP data for the second quarter. The economy is expected to shrink 15.3 percent on quarter after falling 5.3 percent in the first quarter.

At 2.00 am ET, UK Nationwide house price data is due. House prices are forecast to drop 0.3 percent annually in July, faster than the 0.1 percent fall in June.

In the meantime, Destatis releases Germany’s retail sales and import price figures for June. Economists forecast sales to rise 3 percent on year, following a 3.8 percent increase in May.

At 2.45 am ET, consumer spending and inflation reports are due from France.

At 3.00 am ET, GDP figures are due from Spain and the Czech Republic. Economists forecast Spain’s economy to contract 16.6 percent in the second quarter after shrinking 5.2 percent in the preceding period.

In the meantime, gross wages and foreign trade data is due from Hungary.

At 4.00 am ET, Italy’s Istat issues preliminary GDP data. After falling 5.3 percent in the first quarter, the economy is expected to shrink 15 percent in the second quarter.

Also, Poland’s consumer prices and Norway’s unemployment figures are due.

At 5.00 am ET, quarterly national accounts and consumer price reports are due from Eurostat. Eurozone GDP is forecast to fall 11.2 percent sequentially, after falling 3.6 percent in the first quarter.

Inflation in the currency bloc is forecast to slow to 0.2 percent in July from 0.3 percent in June.

In the meantime, Italy’s Istat is set to issue preliminary inflation data. Consumer prices are forecast to fall 0.1 percent on year, following a 0.2 percent drop in June.

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