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Better second-quarter GDP growth unlikely to be sustained

The lacklustre pace of economic growth in the spring suggests that the economy is still misfiring. As things stand now, we estimate that the economy grew by only 2.0% annualised in the second quarter, following weather-restrained first-quarter GDP growth of 1.2%. With exports still underperforming, businesses still in a cautious mood and housing construction cooling, hopes for a sustained pick-up over the second half of this year look misplaced.

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