2025年3月，欧元区的行业信心指数为-10.6，略好于2月的-11，而预测为-10.5。这一读数反映了经理们对当前订单簿和成品库存水平的评估几乎没有变化，以及经理们对生产预期的改善。与此同时，经理们对过去生产趋势和出口订单簿的评估几乎没有变化。

The industry confidence indicator in the Euro Area came in at -10.6 in March 2025, slightly better than -11 in February and compared to forecasts of -10.5. The reading reflected managers’ virtually unchanged assessments of the current level of order books and stocks of finished products, and an improvement in managers’ production expectations. Meanwhile, managers' assessments of past production trends and export order books hardly changed.

2025年3月，欧元区经济情绪指数降至95.2，为三个月来的最低水平，而2月份为96.3，远低于97的预测。下降的原因是对服务业（2.4比5.1）、零售业（-6.8比5.1）和消费者（-14.5比-13.6）的信心下降。对工业（-10.6 vs-11）和建筑业（-3.4 vs-3.3）的信心大致保持稳定。对于欧盟最大的经济体，法国（-2.1至96.4）和意大利（-2.0至97.6）的ESI大幅下降，而西班牙（+1.1至103.4）的ESI有所改善。德国的信心小幅上升（+0.3至89.4），荷兰的信心保持不变（100.3）。

The Eurozone’s Economic Sentiment Indicator fell to 95.2 in March 2025, the lowest level in three months, compared to 96.3 in February and well below forecasts of 97. The decline was driven by lower confidence in services (2.4 vs 5.1), retail trade (-6.8 vs -5.1) and among consumers (-14.5 vs -13.6). Confidence in industry (-10.6 vs -11) and construction (-3.4 vs -3.3) remained broadly stable. For the largest EU economies, the ESI declined significantly in France (-2.1 to 96.4) and Italy (-2.0 to 97.6), while it improved in Spain (+1.1 to 103.4). Confidence edged up in Germany (+0.3 to 89.4) and remained unchanged in the Netherlands (at 100.3).

欧元区消费者信心指数在2025年3月下降0.9点至-14.5，为三个月来最低，与初步估计一致。在更广泛的欧盟，消费者信心下降了1个百分点，降至-13.9，因为消费者对各自国家未来的总体经济形势变得更加悲观，对家庭过去和预期的财务状况也变得更加悲观。与此同时，消费者在未来12个月内进行大宗购买的意愿略有改善。

The consumer confidence indicator in the Euro Area fell by 0.9 points to -14.5 in March 2025, the lowest in three months, in line with preliminary estimates. In the broader European Union, consumer sentiment dropped by 1 point to -13.9, as consumers became notably more pessimistic about the future general economic situation in their respective country and, to a lesser extent, about their household’s past and expected financial situation. At the same time, there was a slight improvement in consumers’ intentions to make major purchases in the coming 12 months.

2025年2月，欧元区未来12个月的通胀预期中值保持不变，为2.6%，与1月份相同，而未来三年的通胀预期也稳定在2.4%。过去12个月的通胀率为3.1%，表明消费者确实预计通胀会放缓。未来12个月通胀预期的不确定性略有下降，降至2022年1月以来的最低水平。年轻的受访者（18-34岁）继续报告比年长的受访者（35-54岁和55-70岁）对通货膨胀的看法和期望更低。与此同时，消费者对未来12个月的名义收入增长预期从1月份的0.9%上升到2月份的1%。另一方面，未来12个月的经济增长预期更为负面（-1.2%对-1.1%），对失业率的预期从10.4%上升到10.5%。

The Eurozone's median inflation expectations for the next 12 months remained unchanged at 2.6% in February 2025, the same as in January while inflation expectations for three years ahead also steadied at 2.4%. Perceived inflation over the previous 12 months was 3.1%, suggesting consumers do expect a slowdown in inflation. Uncertainty about inflation expectations over the next 12 months decreased slightly to its lowest level since January 2022. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70). Meanwhile, consumers’ nominal income growth expectations over the next 12 months increased to 1% in February from 0.9% in January. On the other hand, economic growth expectations for the next 12 months were more negative (-1.2% vs -1.1%) and expectations for the unemployment rate increased to 10.5% from 10.4%.