U.S. gross domestic product expanded at a 3.0% annualised pace in the second quarter, topping economists’ 2.6% consensus, according to preliminary government figures released this week. The stronger headline result was driven largely by an historic decline in imports, which subtract from GDP calculations, while domestic final sales were essentially flat, signalling subdued underlying demand. The latest figures bring first-half 2025 growth to an annualised 1.2%, below the economy’s estimated potential. Looking ahead, Goldman Sachs now forecasts GDP to slow to about 1% in both the third and fourth quarters, citing an expected downturn in real income growth and a pull-back in business investment. The bank also anticipates investment spending to slip into negative territory over the second half, reinforcing concerns that the apparent resilience in headline GDP masks softer fundamentals.