Q4 LOOKS MORE VOLATILE IN THE UNITED STATES 1/3

According to the final estimate published by the BEA, US gross domestic product (GDP) grew at a strong annualized rate of +3.8% in the second quarter of 2025, marking a significant rebound after the -0.6% contraction observed in the first quarter. However, a detailed analysis reveals that this performance was primarily driven by volatile and technical factors. Specifically, foreign trade was the main propellant, with official data showing a sharp decline in imports which automatically inflated the GDP calculation.