上述预测比欧洲央行更为悲观。在本月宣布自6月以来第四次降息时，该央行也调低了对经济的展望。官员们仍然预计随着收入增加、通胀稳定在2%的目标，家庭将推动经济复苏，不过他们已多次高估相关提振的实现速度。The survey shows that the recovery momentum of the Eurozone economy next year will be lower than previously expected, with a growth rate only slightly better than this year.
Analysts surveyed predict that the Eurozone economy will grow by 1% in 2025. Although this growth rate is higher than the estimated 0.8% for this year, it is lower than the earlier forecast of 1.2%. They also revised the growth expectation for 2026 down from 1.4% to 1.2%.
For Germany, which is trapped in a long-term slump in key manufacturing, economists predict that its economy will grow by 0.4% in 2025 and 1% in 2026, both revised down by 0.3 percentage points from previous expectations. Forecasts for France have also been downgraded, while those for Spain have been slightly upgraded.
The aforementioned forecasts are more pessimistic than those of the European Central Bank. When announcing the fourth rate cut since June this month, the central bank also lowered its economic outlook. Officials still expect that as incomes rise and inflation stabilizes at the 2% target, households will drive economic recovery; however, they have repeatedly overestimated the speed at which related boosts can be realized.
Philip Lane, the chief economist of the European Central Bank, stated in a podcast last Friday that "there are good reasons to believe that the economy will improve in the coming years." However, "although consumer spending is currently rising, there may be a slight lag, as in a world filled with uncertainties, some people may hold back on their consumption decisions."
Economists participating in the survey expect the Eurozone inflation rate to be 2% in the second quarter of 2025, and then drop to 1.9% a year later. Compared to the last survey, economists expect core inflation to decline at a faster pace, reaching 2% in the third quarter of 2025.
