May's 0.6% m/m decline in export volumes together with downward revisions to previous months indicate that second-quarter exports declined, a significantly weaker result than our earlier assumption. Even allowing for some modest rebound in June, net exports likely contributed negatively to second-quarter GDP growth, which now looks like it was between 1.5% to 2.0% annualised.
Regards,
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.