(RTTNews) - Friday, official data showed Eurozone industrial new orders fell for the second straight month in June. Report from the Office for National Statistics revealed that the UK economic growth came to a standstill in the second quarter after enjoying positive growth and low inflation for an extended period.

Eurozone

The Eurostat said in a report that Eurozone industrial new orders slid 0.3% in June from the previous month, after falling 5.4% in May. New orders decreased less than the 1.1% drop expected by economists. New orders for May was revised from a 3.5% fall estimated initially. On a yearly basis, industrial new orders decreased 7.4% in June, faster than the 4.4% drop recorded in May. The decrease was quicker than the expected 6.1% fall.

Elsewhere, the European Central Bank, or ECB reported that the Eurozone current account deficit increased to a seasonally and working day adjusted EUR8.2 billion in June from the EUR5.5 billion deficit recorded in May. The ECB has downwardly revised the deficit for May from EUR7.3 billion. The deficit in trade in goods decreased to EUR2 billion, while the trade in services showed a surplus of EUR1.5 billion. Meanwhile, the income account revealed a shortfall of EUR1.2 billion in June, larger than the EUR0.7 billion deficit in May. At the same time, the current transfers registered a negative balance of EUR6.5 billion compared with the EUR5.8 billion deficit in the previous month. On an unadjusted basis, the current account deficit narrowed significantly to EUR1 billion in June from a revised deficit of EUR19.6 billion recorded in May.

In Germany, the Federal Statistical Office announced that the country’s value of orders received in building industry increased 1.6% year-over-year in June, after falling 7% in May.

The Spanish statistical office said hotel prices increased 2.4% year-over-year in July, faster than 1.6% recorded in June.

According to the Statistics Austria, manufacturing production-declined working day adjusted 1.1% year-on-year in June, in contrast to 5.4% rise recorded in May. On a monthly basis, the seasonally adjusted production fell 5.1% in June, reversing a 1.2% rise seen in the previous month.

Consumer confidence in the Netherlands improved more than expected in August, as consumers were less pessimistic about the economic climate. The Central Bureau of Statistics said in a report that the consumer confidence indicator increased to minus 27 in the month from minus 31 recorded in July. Economists had expected the indicator to improve to minus 29. Separately, the statistical office said producer confidence increased to 4.9 in August from 2.4 in July. That came well above the consensus forecast of 1.5. According the statistical office, producers were confidence about their future.

Ireland’s Central Statistics Office announced that the volume of retail sales excluding price effects decreased 5.2% year-on-year in June, quicker than the revised 5% decline recorded in May. On a monthly basis, volume of retail sales declined 0.7% in June versus a revised 1.2% fall in May.

Rest of Europe

A report released by the Office for National Statistics or ONS showed that the real Gross Domestic Product, or GDP was flat on a sequential basis in the second quarter compared with the initial estimate of 0.2%. Economists had expected the economic growth to ease to 0.1% from first quarter’s 0.3%.

The economy expanded 1.4% year-on-year in the second quarter, the weakest since 1992. The growth rate was revised down from the preliminary estimate of 1.6%. The GDP growth was slower than the 1.5% expected by economists and 2.3% recorded in the first quarter.

In the second quarter, the implied GDP deflator rose 2.6% year-on-year, down from 3% in the previous quarter.

According to the statistical office, the slowdown in the second quarter was due to falls in the output of the production and construction industries. Production output slid 0.8% sequentially, severe than the 0.2% fall in the first quarter. Manufacturing output also declined 0.8% in the second quarter.

Separately, the statistical office reported that UK’s service sector output grew 0.2% in three months to June from the prior three months. During three months ended May, the index of services rose 0.4% and economists expected the rate to remain stable at 0.4%.

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