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Germany GDP growth 0.0% q-o-q (consensus 0.1%) in Q2-23

- Germany's GDP growth showed no change in the second quarter of 2023, marking the highest growth rate since Q3-22 but falling short of expectations for 0.1% growth.
- Although the growth rate is slightly above the one-year average, it falls short of the long-run average, indicating room for further improvement.

Germany HICP inflation 6.47% y-o-y (consensus 6.6) in Jul-23

- Germany's HICP inflation for July 2023 was lower than anticipated at 6.47%, indicating a slight moderation in price growth.
- This figure represents the lowest inflation growth since May 2023 and is 2.32 percentage points below the one-year average.

Germany IFO 91.3 (consensus 93.0) in Jul-23

- Germany IFO fell to 91.3 in July 2023, missing market expectations and hitting its lowest level since February 2021.
- The index is 3.16 points below the one-year average and 5.40 points below the long-run average, indicating a prolonged downturn in business confidence.

Germany PMI services 52.0 (consensus 53.1) in Jul-23

- Germany's PMI for services dropped by 2.1 points to 52.0 in July 2023, the lowest level since February 2023, indicating surprising weakness in the sector (consensus 53.1).
- Despite the decline, the PMI remains above its one-year average, suggesting some relative resilience in the services sector.