Spanish growth should continue to outpace Eurozone growth. It is underpinned by a dynamic labour market, which is generating gains in purchasing power and bolstering consumption. Lucie Barette

Growth is expected to reach 1.1% in 2026, down from 1.4% in 2025, the latter benefiting from an exceptionally strong first quarter. However, GDP growth is likely to be unevenly distributed. Guillaume Derrien

The Japanese economy is caught between a rock and a hard place. Growth has begun to slow towards its potential level. Japan can boast full employment, a buoyant corporate sector and a reduction in its debt-to-GDP ratio. Anis Bensaidani

📊 The latest issue of #EcoPerspectives, our quarterly #EconomicOverview of #AdvancedEconomies is available!
In this new release, Lucie Barette, Guillaume Derrien and Anis Bensaidani examine the situation of #Spain, the #UnitedKingdom and #Japan
👉 bnpp.lk/oXLGBo

The German economy is undergoing a strategic transformation, with increased public spending poised to significantly change its economic model. This transformation has the potential to boost business investment and household spending, while also reducing the country's reliance on exports. Marianne Mueller

French growth has been rebounding since Q2 2025, driven primarily by aeronautics production, but also by business investment in a context of decreasing interest rates. Stéphane Colliac, Thomas humblot

The Italian economy is showing some resilience: GDP experienced a modest rebound in Q3 2025, and moderate inflation is helping to maintain household purchasing power. We forecast growth to be around 1% over the next two years (1% in 2026 and 0.9% in 2027). Simona Costagli, Paola Verduci

📊 The latest issue of #EcoPerspectives, our quarterly #EconomicOverview of #AdvancedEconomies is available!
In this new release, Marianne Mueller, Stéphane Colliac, Thomas Humblot, Simona Costagli and Paola Verduci examine the situation of #Germany, #France and #Italy
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After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026  Hélène Baudchon

Pressures on public finances in advanced countries are mounting, but remain manageable The structural rise in interest rates is already complicating the situation, but its effects are not yet being fully felt. When they do, most countries will need to generate primary surpluses in order to stabilise their debt ratios.

Growth in the United States is expected to come close to its potential pace in 2026. This resilience would mask “K-shaped growth”, supported by AI-optimism related investment and consumption by the wealthiest. Anis Bensaidani, Céline Choulet

Growth in the Eurozone is expected to strengthen in 2026 (1.6%) primarily driven by investment and a resurgence in activity in Germany. Our forecasts indicate that inflation is likely to remain below the 2% target. Guillaume Derrien, Thomas Humblot

📊 The latest issue of #EcoPerspectives, our quarterly #EconomicOverview of #AdvancedEconomies is available!
In this new release, Hélène Baudchon, Anis Bensaidani, Guillaume Derrien, Thomas Humblot and Céline Choulet examine the situation of the #US and the #Eurozone
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With GDP growth stalling, inflation staying high, and client confidence weakening, now is a critical time to review your plans. These trends signal real risks that demand careful strategy and timely action.

Read the full overview: lnkd.in/ebWstjxx

#UKEconomy #EconomicOverview

After a strong first half of the year, Spanish growth should remain higher than that of its European neighbours in 2025 and 2026. Domestic demand is likely to remain the main driver, primarily supported by job creation, while the contribution of foreign trade is expected to become slightly negative. Lucie Barette

Belgian growth fluctuated in the first half of this year, with a strong Q1 followed by a slowdown in Q2. Nevertheless, our nowcast for Q3 points to growth of 0.3% q/q, with renewed confidence among households and businesses. Export growth was subdued, hit by tariffs and the related uncertainty.  Arne Maes

After solid growth in H1 2025, the second half of the year is expected to see a slowdown (under the weight of US trade policy and UK fiscal policy). Despite the downside risks on the labour market and industry difficulties, growth is expected to be at a higher and stable rate in 2026 thanks to monetary easing. Guillaume Derrien

The Japanese economy has been showing some momentum for just over a year. However, this performance is likely to fade in the second half of the year, not least as a result of the tightening of US trade policy. The labour market remains tight, and inflation continues to exceed the 2% target. Anis Bensaidani

📊 The latest issue of #EcoPerspectives, our quarterly #EconomicOverview of #AdvancedEconomies is available!

In this new release, Lucie Barette, Arne Maes, Guillaume Derrien and Anis Bensaidani examine the situation of #Spain, #Belgium, #UnitedKingdom and #Japan.

👉 bnpp.lk/ENBX2E

The resumption of German growth has been hampered by US tariffs. However, the outlook continues to brighten thanks to the government's strategy, which is structured around a vast programme of public investment and incentives for business investment. Marianne Mueller

Uncertainty persists buy the rebound in growth should be sustained. Unlike the political situation, other aspects of the French economy have improved (agricultural and aeronautical production, interest rates in the private sector, investment). Stéphane Colliac, Laurent Quignon

In Q2 2025, Italy's real GDP fell by -0.1% q/q. On the supply side, this can be explained by a decline in value added in agriculture and industry and a stagnation in services. On the demand side, growth in domestic components did not offset the decline in net exports. Simona Costagli, Paola Verduci

📊 The latest issue of #EcoPerspectives, our quarterly #EconomicOverview of #AdvancedEconomies is available!

In this new release, Marianne Mueller, Stéphane Colliac, Laurent Quignon, Simona Costagli and Paola Verduci examine the situation of #Germany, #France and #Italy.

👉 bnpp.lk/ENBX2E

Advanced economies are continuing to show resilience in the face of the US trade war. Despite significant fluctuations in trade in the first half of 2025, global trade has been broadly unaffected so far. Hélène Baudchon

Growth in the United States has slowed significantly compared with 2024 and is expected to remain moderate in the coming months, while maintaining some dynamism. Inflation is gradually rising again, mainly due to higher tariffs, while the labour market is already showing clear signs of weakening.  Anis Bensaidani

Growth in the Eurozone has so far proved fairly resilient to shocks (accompanied in particular by an acceleration in new lending against a backdrop of falling interest rates) and should gradually accelerate. Exports will continue to be weakened by Chinese competition and US protectionism.  Guillaume Derrien

📊 The latest issue of #EcoPerspectives, our quarterly #EconomicOverview of #AdvancedEconomies is available!

In this new release, Hélène Baudchon, Anis Bensaidani and Guillaume Derrien examine the situation of advanced economies, including the #USA and the #Eurozone

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In this article, we review the current position of the UK in relation to GDP, inflation, employment and insolvency stats.

lnkd.in/e4Rr38py

#UKEconomy #EconomicOverview

Our latest economic review highlights the ongoing volatility in both UK and global markets. From complex trade negotiations to renewed tariff pressures and major potatoattacks, the outlook remains mixed.

Read more: lnkd.in/e5RwuPQ5

#UKEconomy #GlobalTrade #EconomicOverview

Our latest economic review highlights the ongoing volatility in both UK and global markets. From complex trade negotiations to renewed tariff pressures and major cyberattacks, the outlook remains mixed.

Read more: lnkd.in/e5RwuPQ5

#UKEconomy #GlobalTrade #EconomicOverview