酷兔英语

尽管经济前景多次被乌云笼罩,但欧元区经济表现出奇的好。第二季度欧元区经济增长0.3%,扭转了第一季度的下滑势头,并且表现好于经济学家的预期。Berenberg Bank指出,更令人意外的是,第二季度德国和葡萄牙这两个欧元区国家有望分别成为七大工业国(G7)和经济合作与发展组织(Organization for Economic Cooperation and Development)中增长最迅速的经济体。对于欧洲,仍旧有许多警告。但不要低估这种势头的重要性。


For an economy whose prospects have been so roundly written off so many times, the euro zone is doing surprisingly well.


是的,德国正在引领欧元区的复苏,第二季度该国经济增长0.7%,而这主要是受经济活动从今年早些时候寒冬期间的低迷中反弹提振。是的,法国经济出人意料的强劲增长0.5%的势头可能消退,因为这主要受到消费和库存情况推动。是的,葡萄牙经济惊人增长1.1%(2010年以来首次实现正增长)背后有一些特别原因,包括复活节的时间以及燃料出口获得巨大提振。是的,意大利、西班牙和荷兰仍处在衰退之中。


Second-quarter growth came in at 0.3%, reversing the first quarter's downturn, and beating economists' expectations. Even more startlingly, two euro-zone countries - Germany and Portugal - may end up being the fastest-growing economies in the G-7 and the Organization for Economic Cooperation and Development, respectively, in the second quarter, Berenberg Bank notes. As ever with Europe, there are plenty of caveats. But don't underestimate the importance of the direction of travel.


但是对欧元区来说,重要的是全局情况。德国的增长势头受到了国内需求的提振;出口正在帮助南欧避免陷入更深的滑坡。甚至希腊经济可能也接近转向了。南欧国家已开始缩小与北方的竞争力差距。欧元区仍需实施更多结构性改革,但已经取得了显著进步。


Yes, Germany is leading the recovery, growing 0.7% in the second quarter, helped by a bounce from a cold winter that held back activity early this year. Yes, the surprisingly strong growth of 0.5% in France may fade, given that it was driven by consumption and inventories. Yes, there are special factors that explain Portugal's stunning quarterly growth of 1.1%, the first positive result since 2010, including the timing of Easter and a big boost to fuel exports. And yes, Italy, Spain and the Netherlands are still in recession.


Markit欧元区7月份综合采购经理人指数终于升至50上方,说明第三季度开局良好。金融压力也在继续缓解,西班牙和意大利国债收益率再度下降。尽管欧洲央行(European Central Bank)可能需要支持其有关利率将在较长一段时期内维持在低位的承诺,但较低的通胀率水平令这一承诺依然具有可信性。


But for the euro zone, the bigger picture matters. Growth in Germany was driven by domestic demand; exports are helping shield southern Europe from deeper domestic downturns. Even Greece's economy may be close to turning the corner. Southern Europe has begun to close the gap with the north in terms of competitiveness. More structural reforms are needed but significant progress has been achieved.


未来还会有很多令人担忧欧元区的因素,包括失业率高企、意大利和西班牙的政治局势、德国的大选、银行业继续去杠杆化以及希腊债务重组的影响。投资者和决策者都不应放松警惕。但如果欧元区经济能够维持目前的增长势头,则可以缓解上述部分担忧。


With Markit's composite euro-zone purchasing managers index finally rising back above 50 in July, the third quarter has got off to a good start. Financial tensions continue to ease: Spanish and Italian bond yields are falling again. And while the European Central Bank may have to back up its guidance that rates will remain low for an 'extended period,' low inflation gives that pledge credibility.


Richard Barley