Euro Area Full Year GDP Growth

The Euro Area economy is projected to grow by 0.9% in 2025 and 1.4% in 2026, down from 1.3% and 1.6% respectively forecasted last autumn, according to the European Commission’s Spring outlook. The downgrade is primarily attributed to the impact of rising tariffs and increased uncertainty stemming from recent abrupt shifts in US trade policy. On the inflation front, disinflation is now expected to proceed more rapidly than previously anticipated. Inflation in the Eurozone is projected to ease to 2.1% by mid-2025, reaching the ECB’s target earlier than previously expected, and to decline further to 1.7% in 2026, down from the 1.9% projected in the autumn. For Germany, the bloc’s largest economy, the Commission expects economic activity to broadly stagnate in 2025. Heightened trade tensions are set to weigh heavily on exports, though private consumption is expected to rise modestly. Investment is likely to remain flat this year. However, growth is expected to rebound to 1.1% in 2026. source: EUROSTAT

根据欧盟委员会（European Commission）发布的春季经济展望，欧元区经济预计将在2025年增长0.9%、2026年增长1.4%，较去年秋季预测的1.3%和1.6%分别出现下调。此次下调主要归因于美国近期贸易政策突变所引发的关税上调与不确定性加剧的影响。通胀层面，目前预计反通胀（disinflation）进程将较此前预期更快推进：欧元区通胀预计将在2025年中期回落至2.1%，早于此前预期触及欧洲央行（ECB）的通胀目标，并将于2026年进一步降至1.7%，低于秋季预测的1.9%。作为欧元区最大经济体的德国，欧盟委员会预计其2025年经济活动将基本陷入停滞，愈发紧张的贸易局势将对出口造成严重拖累，但私人消费预计将温和增长，今年投资或将保持持平。不过2026年其经济增速预计将反弹至1.1%。数据来源：欧盟统计局（EUROSTAT）