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初步估计显示，2025年1月，HCOB法国综合采购经理人指数微升至48.3，略高于12月的47.5，超过了市场预期的47.7。虽然该数据标志着该国私营部门连续第五个月出现收缩，但也表明了四个月来最温和的下降。1月份的疲软收缩是由制造业推动的（采购经理人指数为45.3，而12月为41.9），该行业经历了自2024年中期以来的最小产量下降。

The HCOB France Composite PMI edged up to 48.3 in January 2025, slightly higher than December’s 47.5 and exceeding market expectations of 47.7, preliminary estimates showed. While the data marked the fifth consecutive month of contraction in the country's private sector, it also pointed to the mildest decline in four months. The softer contraction in January was driven by the manufacturing sector (PMI at 45.3 vs 41.9 in December), which experienced its smallest drop in production since mid-2024.

初步估计显示，HCOB Flash法国制造业采购经理人指数从12月的41.9升至2024年1月的45.3，高于42.3的预测。最新数据是自去年6月以来最温和的收缩，但仍表明法国制造业仍存在严重收缩。由于国内和国际订单量下降，工业公司面临巨大压力。虽然投入价格仍然存在通货膨胀，但1月份的涨幅明显低于长期平均水平。相比之下，产出价格正在下降，反映出需求疲软。

The HCOB Flash France Manufacturing PMI rose to 45.3 in January 2024, up from 41.9 in December, and above forecasts of 42.3, preliminary estimates showed. The latest reading was the softest contraction since June last year, but still indicative that the French manufacturing sector remains deeply contractionary. Industrial companies are under significant pressure due to declining order volumes both domestically and internationally. While input prices remain inflationary, January's increase was notably below the long-term average. In contrast, output prices are falling, reflecting weak demand.

德国恢复增长，欧元区PMI综合指数达到50.2。欧元区1月PMI数据显示谨慎改善，PMI综合指数从49.6升至50.2，为五个月来的最高点，预示着经济将恢复边际增长。制造业采购经理人指数上升至46.1，为八个月来的最高水平，而服务业采购经理人指标小幅下滑至51.4，但仍在扩张。

Eurozone PMI composite hits 50.2 as Germany returns to growth.Eurozone PMI data for January showed cautious improvement, with PMI Composite rising from 49.6 to 50.2, a five-month high, signaling a return to marginal growth. Manufacturing PMI increased to 46.1, its highest in eight months, while services PMI slipped slightly to 51.4 but remained in expansion.

德国政府将2025年经济增长预测从之前的1.1%下调至0.3%-Handelsblatt。德国《商报》周五援引政府消息称，政府将2025年的经济增长预测从之前的1.1%下调至0.3%。

German government lowers 2025 growth projection to 0.3% from 1.1% previous - Handelsblatt.Citing government sources, Germany's newspaper Handelsblatt reported on Friday that the government lowered its economic growth projection for 2025 to 0.3%, down from previous estimate of 1.1%.