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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