The euro zone inflation unexpectedly ticked up in July amid record GDP slump
BRUSSELS - The euro zone’s economy recorded its deepest contraction on record in the second quarter, preliminary estimates showed on Friday, while the bloc’s inflation unexpectedly ticked up in July.
The contraction was slightly more pronounced than market expectations of a 12.0% fall, and followed the 3.6% GDP drop recorded in the first quarter of the year. Inflation continued instead its upward trend, defying expectations of a slowdown, supporting the European Central Bank’s expectation that a negative headline reading may be avoided.
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