您的当前位置：首页 > 行业数据 > 图表78.欧元区工业生产指数（2021年=100）

图表78.欧元区工业生产指数（2021年=100）

行业数据

下载图片

原图定位

同报告图片

/ 4

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

所属报告：

中国银行：2026中国银行个人金融全球资产配置白皮书（162页）.pdf

打包全文图表

宏观篇：全球经济增长步伐放缓，中国物价有望企稳回升 2026年欧元区经济基本面有望持续改善。2025年三季度以来，随着抢出口效应衰退，海外需求走弱，欧元区工业产出放缓增长，其中，德国工业产出落后于欧元区20国平均水平，法国工业产出略高于年初水平。在此背景下，2025年四季度欧元区经济或难以出现较大起色，将为2026年一季度经济加快增长创造空间。分国别看，德国经济正处于由传统工业向高端制造业、服务业转型的长期过程中，尽管转型效果仍有待观察，但2026年在宽松的财评级下降将带来政府融资成本增加，可能削弱对外资的吸引力。受益于西语国家移民融合，西班牙劳动力供应充足且以青壮年为主；继2023年意大利失业率下行至法国水平以下后，2025年其失业率再度低于德国，为2008年金欧元区降息效果逐步显现，实体融资成本降低带动银行信贷供应增长，关税驱动的通胀预计将缓慢传导至实体经济，但预计整体通胀放缓的趋势不变。根据货币市场预测，欧洲央行降息周期或已接近尾声，但如果部分成员国经济下行压力上升，就业市场疲软，不排除欧洲央行在2026年再度降息的可能性。在判断2026年欧元区宏观基本面保持稳定的同时，也需要关注欧元区经济的脆弱性。虽然欧美贸易摩擦缓和，短期内利好经济增长，但也应该客观认识到，欧盟面临产业竞争力下降、生产效率不足、资本市场碎片化等长期结前提条件，但尚未明确投资规模与时间点，为争取更多可分配的经济资源，美国可能要求欧盟加快落实相关政策细节，将进一步压缩欧元区对内政策空间。 2.4.2英国：降息指引1待明确，经济延续弱复苏经济增长显现较强韧性。2025年英国经济走势前高后低，关税对英国经济的直接影响低于欧元区，财政支出成为经济增长的稳定器，公共部门支出与雇员薪资增速高于私人部门。与欧元区情况相反，英国整体物价水平维持高位。英国对货物贸易的进口依赖度较高，服务业价格粘性较强，全球能源和食品价格上涨对英国家庭的成本压力 3.2%，仍高于目标水平，为进一步降息打开空间。2025年英国央行坚持渐进式降息，约每个季度降息一次。然而

行业数据原图定位