The US economy continues to strongly outperform Europe, as it confounds fears that it could enter recession this year. US data have come in well ahead of expectations to date in 2023. This has seen US GDP rise by 0.5% and 0.6% in the first two quarters of the year. By contrast, Eurozone data have disappointed. GDP has been weak, flat-lining in the first quarter and rising by 0.3% in second. Meanwhile, although the UK has avoided recession, GDP growth has been very anaemic at an estimated 0.1% in each of the first two quarters of 2023.