德国ZEW经济情绪因稳定国内政治和贸易进展而飙升。德国和整个欧元区的投资者情绪在5月份大幅改善，德国ZEW经济情绪指数从-14.0跃升至25.2，远高于预期的9.8。欧元区情绪也紧随其后，从-18.5升至11.6，也超出预期。

German ZEW economic sentiment surges on stabilizing domestic politics and trade progress.Investor sentiment in Germany and the wider Eurozone improved sharply in May, with ZEW Economic Sentiment Index for Germany jumping from -14.0 to 25.2, well above the expected 9.8. Eurozone sentiment followed suit, rising from -18.5 to 11.6, also beating expectations.

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.

德国ZEW经济景气指数5月反弹至25.2，而预期为11.9。德国ZEW经济景气指数从4月的-14反弹至5月的25.2，大大超过了市场共识的11.9。

German ZEW Economic Sentiment Index rebounds to 25.2 in May vs. 11.9 expected.The headline German ZEW Economic Sentiment Index rebounded to 25.2 in May from -14 in April, beatimh the market consensus of 11.9 by a wide margin.

德国ZEW调查——5月份现状低于预测（-77）：实际（-82）。德国ZEW调查——5月份现状低于预测（-77）：实际（-82）

Germany ZEW Survey – Current Situation below forecasts (-77) in May: Actual (-82).Germany ZEW Survey – Current Situation below forecasts (-77) in May: Actual (-82)