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Global Economy: No recovery
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Following strong firstquarter growth of 5%, economic activity slowed noticeably. In the second quarter, growth only amounted to just over 1%. Despite the strong rate of growth since the beginning of the year, industrial output was only able to achieve the previous year's level. Industry confidence collapsed in July, and incoming orders are stagnant. Sentiment among consumers is also negative. While retail turnover volume recovered again following the downturn in May, sentiment indicators nonetheless have declined since May, and fell sharply in July and August, so the outlook for private consumption remains cloudy.
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