Our nowcasts for Q3 2025 highlight resilient GDP growth in the Eurozone and France. In Italy and Germany, two economies that suffered a setback in Q2 after a very good Q1, we expect growth to strengthen in Q3 and more markedly in Q4. The UK, meanwhile, is expected to see growth slow in Q3, before rebounding in Q4. In the US, the Atlanta Fed's GDP Now suggests another upside surprise for Q3 growth, before a backlash and a sharp slowdown in Q4. In Japan and China, the slowdown would occur as early as Q3.
