GDP (Q2) & Activity (Jun.)

GDP growth slowed more quickly than expected in Q2 due to a rapid fizzling out of the reopening boost. Continued weakness in the property sector, possible loosening in the labour market and few signs of broad-based stimulus suggest output over the rest of the year is shaping up to be weaker than we had anticipated. As such, we now think official GDP growth will come in at 5.5% this year.

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