On the back of still very weak Q3 survey data that points to a continued sharp fall in domestic demand, we have downwardly revised our overall 2012 GDP forecast to -2.4% from -2.2%, and expect economic activity to fall by 0.6% q/q and 0.5% q/q, respectively, in Q3 and Q4. With EZ crisis contagion set to escalate on the back of a likely Greek exit in Q1, we have substantially revised down our 2013 forecast, to -1.8% from -1.1%.
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