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Chart of the Day: Domestic demand turned in a slightly disappointing 2.6 percentage points
Investment spending was also weak.
According to Nomura, on the demand side, net exports contributed positively at 1.2 percentage points (pp) after a -4.5pp contribution in Q1.
"Exports grew by 3.1% y-o-y after contracting 4.1% in Q1, while imports rose by 2.9% y-o-y from -2.4% in Q1. Private consumption (2.7% y-o-y from 1.3% in Q1) and government spending (12.2% y-o-y from 14.2%) remained strong in Q2, while investment spending was still weak (-3.8% from -5.8%). Overall, domestic demand contributed a lower 2.6pp from 4.7 in Q1," Nomura said.
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