2025年5月，德国ZEW经济景气指数飙升39.2点，至25.2点，从4月的近两年低点-14.0大幅反弹，远远超过市场预期的11.9。调查显示，在新联邦政府成立、解决关税争端取得进展以及通胀稳定迹象的推动下，人们对未来六个月的乐观情绪日益增强。几乎所有行业都报告称，5月份市场情绪有所改善。银行业以及汽车、化工、金属、机械和钢铁等出口导向型行业的前景尤其光明。欧洲央行最近降息以及进一步宽松的预期被视为对建筑业复苏的特别支持。受访者还预计，近几个月来一直疲软的国内需求将出现反弹。与此同时，德国目前的经济评估稳定在较低水平，下降0.8点至-82.0。

The ZEW Indicator of Economic Sentiment for Germany surged by 39.2 points to 25.2 in May 2025, rebounding sharply from a near two-year low of -14.0 in April and far surpassing market expectations of 11.9. The survey indicates growing optimism for the next six months, driven by the formation of a new federal government, progress in resolving tariff disputes, and signs of stabilizing inflation. Nearly all sectors reported improved sentiment in May. The outlook is particularly bright for the banking sector, as well as for export-oriented industries such as automotive, chemicals, metals, machinery, and steel. The recent interest rate cut by the European Central Bank—and expectations of further easing—are seen as especially supportive for a recovery in the construction sector. Respondents also anticipate a rebound in domestic demand, which has been sluggish in recent months. Meanwhile, Germany’s current economic assessment held steady at a low level, dipping 0.8 points to -82.0.