However, after an economically devastating winter half year, we have seen a remarkable stabilisation around the world in recent months. In the euro zone, the decline in GDP almost came to a standstill in the second quarter, and a slight increase quarter-on-quarter is likely in the third quarter.
Germany even delivered a positive surprise in the second quarter, when GDP grew by 0.3% on the quarter; the outlook for the third quarter is even better given a rebound in industrial activity and the levelling-out of the de-stocking cycle.