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The mild rebound in GDP growth in Q1 was driven predominantly by a rise in private consumption. Growth accelerated further in Q2 with all sectors of the economy recording an improvement. In particular, services remained the economy’s powerhouse and rose by 0.6% q/q while construction recovered strongly from the low point in Q1, when it fell to the lowest level since 2001Q. The impending continuation of this recovery is likely to result in a larger than expected reduction in budget deficit this year.
Source : Cushman & Wakefield
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