According to Germany's Federal Statistical Office (Destatis), output in Germany fell slightly in thethird quarter, increasing the risk of a recession in Europe's biggest economy. And its GDP droppedby 0.1 percent in the July-to-September period compared with the previous quarter, when it grewby 0.1 percent.
德国联邦统计局数据显示,德国第三季度经济产出略有下降,加剧了这一欧洲最大经济体的衰退风险。德国第三季度(7-9月)国民生产总值(GDP)较第二季度环比下降0.1个百分点,而第二季度较第一季度环比上涨0.1个百分点。
Though investment by companies into machinery and equipment made a positive contribution toGDP, a fall in consumer spending drove the decline. The data bodes ill for the entire area that usesthe euro because Germany is the largest of its 20 economies. Germany's economy is once againteetering on the brink of a technical recession. A technical recession is defined as two consecutivequarters of declining output.
The German economy has been flirting with recession for almost a year. GDP shrank in the finalthree months of 2022 before stagnating in the first quarter of this year. (An initial estimate by thestatistics office has shown two consecutive quarters of declining output)
近一年来,德国经济一直徘徊在衰退的边缘,2022年德国第四季度GDP出现下滑,而2023年第一季度,GDP增长陷入停滞。(据德国联邦统计局初步估算,该国连续两个季度产出下降。)
Economists say the picture is unlikely to improve soon, as the country's vast manufacturing sectorgrapples with weak Chinese demand, high energy costs and painful interest rate hikes. Companiesin the sector are shedding jobs at the fastest rate in three years, as new orders decline andconfidence remains deeply negative.
经济学家表示,短期内局面/情况不太可能好转/改善,因为德国庞大的制造业部门正面临着中国需求疲软、能源成本高企以及大幅加息的困扰。由于新订单下降,市场信心严重不足/严重低迷,三年来,制造业相关公司正以最快的速度裁员。
There was better news on inflation. Consumer prices rose by 3 percent on average in Octobercompared with a year ago, according to an initial estimate. This marked a sharp slowdown from arate of 4.3 percent in September.
通胀形势出现好转。据初步估算,10月份居民消费价格平均同比上涨3%,较9月份4.3%的涨幅显著放缓/明显放缓。
While Germany's economy may be particularly hard-hit, business activity in the rest of the euroarea has also been lackluster and economists think a period of stagnation, or even a mild recessionis looming in the region. A recent survey of companies in the eurozone's manufacturing andservices sectors signaled a steep decline in output in October. The outlook for demand for goodsand services also worsened.
尽管德国经济遭受了严重冲击,但欧元区其他国家的经济活动同样疲软。经济学家认为,欧元区或将面临一段经济停滞期,甚至出现经济轻度衰退。近期,一项针对欧元区制造业和服务业公司的调查显示,10月份,欧元区经济产出大幅下降,商品与服务需求前景进一步恶化。
Still, third-quarter GDP data in the euro area is a "mixed bag so far". While Germany and Austriacontracted, Belgium and Spain grew strongly. This makes it likely that euro zone GDPdid notcontract in the third quarter—but a small decline in the fourth quarter is a realistic prospect.
然而截至目前,欧元区第三季度GDP数据可谓好坏参半:德国和奥地利经济下降,而比利时和西班牙经济则增长强劲。因此,欧元区第三季度GDP很可能并不会下滑——但第四季度出现小幅下滑仍是当前预期。
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