Our Q2 2025 nowcasts highlight the resilience of the Eurozone and, to a lesser extent, France. Weaker exports (after their surge in Q1 in anticipation of the US trade tariffs) penalises our forecast in Q2. It’s the opposite for the US with the Atlanta Fed nowcast at +0.7% for Q2. However, US GDP growth is estimated to have slowed down; that of the Eurozone is expected to be more stable.
