Pantheon Macroeconomics

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Pantheon Publications

Below is a list of our Publications for the last 5 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep.

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Melanie Debono (Senior Eurozone Economist)

11 September 2025 Eurozone Monitor Industry barely budged at the start of Q3 and services growth slows

  • Industrial production fell in Spain in July, though less than in France, while it rose in Italy and Germany.
  • EZ industry likely eked out some growth at the start of Q3 and we look for a better Q3 than Q2. 
  • Services production fell in June, however, and surveys point to further weakness in Q3.

EZ Datanote: Detailed GDP, Eurozone, Q2 2025

In one line: Growth slows as tariff front-running disappears.

5 September 2025 Eurozone Monitor Swiss inflation details are dovish; SNB rate cut to -0.25% still on

  • Swiss inflation held steady at first glance, but the details are dovish. 
  • Leading indicators point to a gradual fall in inflation out to year-end, in contrast to the SNB’s forecasts. 
  • It’s a close call, but we think the risks to the outlook tip the balance towards a final rate cut this month.

EZ Datanote: Detailed GDP, Germany, Q2 2025

In one line: Germany fared worse than initially expected in Q2.  

Global Datanote: Flash PMIs, Eurozone, August 2025

In one line: Resilient to the latest rise in US tariffs, despite hit to foreign orders. 

EZ Datanote: Flash PMIs, Eurozone, August 2025

In one line: Resilient to the latest rise in US tariffs, despite hit to foreign orders. 

Global Datanote: Flash PMIs, Germany, August 2025

In one line: Only little signs of a hit from higher US tariffs.  

EZ Datanote: Flash PMIs, Germany, August 2025

In one line: Only little signs of a hit from higher US tariffs.  

22 August 2025 Eurozone Monitor EZ activity expanded in mid-Q3, despite higher US tariffs

  • The PMIs suggest higher US tariffs are weighing on export orders, as we expected… 
  • ...But the EZ economy is still resilient; the composite PMI edged up to a 15-month high in August. 
  • Price pressures rose again, implying the risk to our call for an ECB rate cut in September is for no cut.
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independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence