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Eurozone Q2 GDP growth confirmed at 0.2%; German economy contracts

The eurozone economy expanded by 0.2% in the second quarter, compared with 0.4% growth in the first quarter, a second estimate from Eurostat showed.

The latest reading aligned with the preliminary reading and the Econoday consensus of analyst estimates.

Seasonally adjusted GDP grew 1.1% compared with the year-ago period.

Within the bloc, the German economy shrank by 0.1% in the second quarter, following 0.4% growth in the first quarter, according to provisional data from the country's Federal Statistical Office. Yearly, real GDP stagnated in the second quarter and rose 0.4% on a calendar-adjusted basis.

Seasonally adjusted eurozone industrial production declined 1.6% month over month in June after rising 0.8% in May, a separate news release from Eurostat announced. The Econoday consensus estimate predicted that industrial output would fall 1.4%.

A 4% decline in capital goods production led the contraction. Production of nondurable consumer goods dropped 2.8%, while that of durable consumer goods fell 1.2%. Energy production ticked down 0.2%. Yearly, industrial production fell 2.6% in June.

"As the industrial recession in the Eurozone appears to be deepening, the pressure on the service sector intensifies," analysts at ING Economics wrote in a note.

Analysts further added that a contraction in the German economy "further ignites discussion about a possible broader downturn" as the bloc continues to witness Brexit uncertainty, the Italian political crisis and trade war uncertainty.

Following the release of the data, the euro rose 0.1% against the dollar, while the yield on 10-year German bunds was down 2 basis points at negative 0.626% as of 5.40 a.m. ET.