2025年4月，欧元区服务业信心指数下降0.8点至1.4，为2021年4月以来的最低水平，低于市场预期的2.2。这一下降反映了管理者对所有关键组成部分（过去的需求、预期的需求和过去的业务状况）的评估不断恶化。

The Euro Area services confidence indicator declined by 0.8 points to 1.4 in April 2025, marking its lowest level since April 2021 and falling short of market expectations of 2.2. The drop reflected deteriorating assessments by managers across all key components—past demand, expected demand, and the past business situation.

欧元区的行业信心指数从前一个月向下修正的-10.7降至2025年4月的-11.2，远低于市场预期，市场预期该指数将小幅改善至-10.1。这一结果与其他基于调查的经济指标在美国制裁威胁及其规模的不确定性下恶化的情况相一致。由于不确定性指标飙升至2023年1月以来的最高水平（38.8比33.4），今年产量预期首次出现下降（0比3月的3.4）。与此同时，销售价格预期有所缓和（11比11.3），订单簿下降有所缓和（-25.1比26.5），就业预期悲观（-4.5比-5.6）。

The industry confidence indicator in the Euro Area fell to -11.2 in April of 2025 from the downwardly revised -10.7 in the previous month, firmly below market expectations that it would improve slightly to -10.1. The result was in line with the worsening of other survey-based economic indicators amid the threat of US sanctions and the uncertainty of their magnitude. Production expectations refrained were not positive for the first time this year (0 vs 3.4 in March) as the uncertainty indicator soared to its highest since January 2023 (38.8 vs 33.4). In the meantime, selling price expectations eased (11 vs 11.3), the drop on order books softened (-25.1 vs .26.5) and pessimism on employment expectations (-4.5 vs -5.6).

2025年4月，欧元区经济情绪指数（ESI）降至93.6，低于3月份修订后的95.0，也低于市场预期的94.5。这是自去年12月以来的最低水平，反映出所有行业的信心普遍下降。消费者信心急剧下降（-16.7比3月份的-14.5），服务提供商（1.4比2.2）、零售商（-8.9比-7.0）、制造商（-11.2比-10.7）和建筑公司（-4.3比-3.7）也出现下降。在价格方面，消费者通胀预期飙升5.1点至29.6，为2022年11月以来的最高水平，而制造商的销售价格预期小幅下降0.3点至11.0，低于3月份的两年高点。在欧元区最大的经济体中，荷兰（-2.5）和意大利（-1.8）的情绪明显恶化，而德国（+0.5）和西班牙（+0.4）的情绪略有改善。法国的情绪大致保持稳定。

The economic sentiment indicator (ESI) in the Euro Area fell to 93.6 in April 2025, down from a revised 95.0 in March and below market expectations of 94.5. This marked the lowest reading since December, reflecting a broad-based decline in confidence across all sectors. Consumer sentiment dropped sharply (-16.7 vs. -14.5 in March), alongside declines among service providers (1.4 vs. 2.2), retailers (-8.9 vs. -7.0), manufacturers (-11.2 vs. -10.7), and construction firms (-4.3 vs. -3.7). On the pricing front, consumer inflation expectations surged by 5.1 points to 29.6, their highest level since November 2022, while manufacturers’ selling price expectations edged down by 0.3 points to 11.0, easing from March’s two-year high. Among the Eurozone’s largest economies, sentiment deteriorated notably in the Netherlands (-2.5) and Italy (-1.8), while improving slightly in Germany (+0.5) and Spain (+0.4). Sentiment in France remained broadly stable.

2025年4月，欧元区消费者信心指数下降2.2点，至-16.7，为2023年11月以来的最低水平，证实了初步估计。在更广泛的欧盟，情绪也有所下降，下降2.1点至-16点。经济衰退是由所有四个组成部分的看法恶化造成的：消费者对其过去和未来家庭财务状况的评估、他们购买大宗商品的意图以及对国家总体经济前景的预期。对整体经济形势的预期下降尤为明显。

The consumer confidence indicator in the Euro Area declined by 2.2 points to -16.7 in April 2025, marking its lowest level since November 2023 and confirming preliminary estimates. In the broader European Union, sentiment also fell, down 2.1 points to -16. The downturn was driven by worsening perceptions across all four components: consumers’ assessments of their past and future household financial situation, their intentions to make major purchases, and expectations for their country’s general economic outlook. The decline in expectations for the broader economic situation was particularly sharp.