GDP growth eases in Q2

GDP reading: Activity softened somewhat in Q2, with GDP expanding 0.2% on a seasonally adjusted quarter-on-quarter basis (Q1: +0.3 s.a. qoq) and marking slowest expansion since Q1 2022. On an annual basis, economic growth eased 1.1% in Q2, following the previous quarter's 1.3% expansion and marking the slowest growth since Q1 2021.

Drivers: Domestically, private consumption increased 0.2% in the second quarter, which matched the first quarter's result. Public consumption growth also ebbed to 0.6% in Q2 (Q1: +0.7% s.a. qoq). Meanwhile, fixed investment growth improved to 2.7% in Q2, following the 2.6% expansion logged in the previous quarter. On the external front, exports of goods and services deteriorated, contracting 1.7% in Q2 (Q1: +0.4% s.a. qoq). In addition, imports of goods and services deteriorated, contracting 1.5% in Q2 (Q1: +0.2% s.a. qoq).

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