European Economics Preview: Germany GDP, Unemployment Data Due

July 30, 2020

Quarterly national accounts, flash inflation and unemployment reports are due from Germany on Thursday, headlining a busy day for the European economic news.

At 2.45 am ET, France’s statistical office Insee releases producer prices for June.

At 3.00 am ET, Austria’s preliminary GDP data is due. The economy is forecast to shrink 11.8 percent sequentially in the second quarter.

In the meantime, preliminary consumer price data from Spain and economic confidence from Turkey are due.

At 3.55 am ET, the Federal Employment Agency is set to release unemployment data for July. Germany’s jobless rate is expected to rise marginally to 6.5 percent from 6.4 percent in June.

At 4.00 am ET, Destatis is slated to issue Germany’s quarterly GDP data. Economists forecast the largest euro area economy to shrink 9 percent sequentially in the second quarter, following a 2.2 percent drop in the preceding period.

Also, Italy’s monthly unemployment data is due at 4.00 am ET. Economists forecast the jobless rate to rise to 8.6 percent in June from 7.8 percent in May.

At 5.00 am ET, Eurozone economic sentiment survey results are due. The economic confidence index is forecast to rise to 81 in July from 75.7 in the previous month.

In the meantime, Eurostat is set to release euro area unemployment data for June. The jobless rate is forecast to rise to 7.7 percent in June from 7.4 percent in May.

At 8.00 am ET, Germany’s flash consumer price data is due. Inflation is expected to ease to 0.2 percent in July from 0.9 percent in June.

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