Q2 GDP grew well above expectations at 7% as June economic activity surged. Growth was primarily driven by the service sector, which grew at 8.4%. The industrial sector continues to weaken, slowing to 6.1% over the quarter.
The good news: Overall GDP growth was strong. The bad news: For commodity exporters, or those worried about the fundamental pass through to other economies, the GDP might as well have been 6.1%. The industrial sector has slowed dramatically to that pace.