As expected, the reopening of euro area economies since end Q1/early Q2 has spurred economic activity in the services sector. According to the release of the flash GDP figure by Eurostat this morning, GDP grew with 2% q/q, after two quarters of contraction (figure 1), slightly outperforming our 1.7% q/q forecast. The breakdown into expenditure components for the Eurozone has not yet been published, but data for individual Member States shows that the drivers behind Q2 growth were domestic. Household consumption accelerated everywhere, while foreign trade acted as a drag in most countries because imports rose faster ... (full story)