1、1.European growth has remained weak over the summer.German GDP growth was revised down 0.2pp to-0.3%for Q2(reflecting a l arge drop in industrial production during June),impl ying a downward revision to Q2 Euro-area GDP.Whil e part of this weakness reflects payback from tariff-rel ated front-l oadin

2、g,underl ying growth(incl uding private consumption and investment)al so remains sl uggish.Given the soft run-rate of the hard data over the summer,we l ower our area-wide Q3 tracking estimate from 0.1%to flat.Sven Jari St ehn+44(20)7774-8061| Gol dman Sachs International Fil ippo Taddei+44(20)7774-

3、5458|fil Gol dman Sachs International Al exandre St ot t +33(1)4212-1108|al Gol dman Sachs Bank Europe SE-Paris Branch James Moberl y+44(20)7774-9444|james.r.moberl Gol dman Sachs International Nikl as Garnadt +44(20)7051-7722|nikl Gol dman Sachs International Kat ya Vashkinskaya+44(20)7774-4833| Go

4、l dman Sachs International Giovanni Pierdomenico+44(20)7051-6807| Gol dman Sachs InternationalEuropean Views:Back to School with Confidence(Stehn)1 Sept ember 2025|2:54AM BST Investors shoul d consider this report as onl y a singl e factor in making their investment decision.For Reg AC certification

5、 and other important discl osures,see the Discl osure Appendix,or go to we remain confident that growth wil l pick up in coming quarters.One reason is that surveys show steady improvement,incl uding the PMIs and key national surveys(such as the German Ifo),particul arl y in manufacturing.Moreover,th

6、e forward-l ooking components of the surveysincl uding the manufacturing orders/inventory gap and the expectations componentspoint to a further pickup ahead.The surveys remain at l ow l evel s,but the recent dynamics remain encouraging.3.Higher US tariffs are l ikel y to keep near-term growth soft,a