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Early signs suggest GDP too will disappoint. On January 15th Germany's statistics office released figures suggesting that
早期跡象顯示GDP也將令人失望。1月15日，德國統(tǒng)計處發(fā)布的數(shù)據(jù)表明
the economy only narrowly avoided a recession last year: after contracting by 0.2% in the third quarter, it barely grew in the fourth.
去年該國勉強(qiáng)躲過一場經(jīng)濟(jì)衰退：第三季度收縮0.2%后，第四季度略有增長。
Italy seems likely to have gone into recession in the second half of 2018.
意大利可能在2018年下半年卷入經(jīng)濟(jì)衰退之中。
While many have pointed to weak external demand as the primary cause of recent growth woes, domestic demand has also fallen short.
雖然很多人將矛頭指向疲軟的外部需求，認(rèn)為這是近期經(jīng)濟(jì)增長問題的主因，但國內(nèi)需求也未能達(dá)標(biāo)。
Andrew Kenningham of Capital Economics notes that consumption growth slowed significantly in 2018 even as unemployment fell,
凱投宏觀的安德魯·肯寧厄姆指出當(dāng)失業(yè)率下降時，2018年的消費(fèi)增長明顯放緩，
a worrying sign that "consumers have lost their nerve". Consumer confidence fell over the course of last year.
這是一條令人擔(dān)憂的跡象：“消費(fèi)者已經(jīng)失去了理智。”在過去的一年里，消費(fèi)者信心下滑。
And there are lurking risks. Mr Colijn reckons the biggest threats to growth in 2019 include a slowdown in China,
并且還存在潛伏風(fēng)險。科林認(rèn)為2019年經(jīng)濟(jì)增長最大的威脅包括中國經(jīng)濟(jì)放緩、
a disorderly no-deal Brexit, and an escalating trade war with America. Trade is slowing.
混亂的無協(xié)議脫歐以及與美國貿(mào)易戰(zhàn)爭的加劇。貿(mào)易在減速。
The World Bank recently lowered its expectations of growth in global trade volumes for this year and the next by around half a per cent.
世界銀行將對今年和明年全球交易的增長預(yù)期降低了約0.5%。
For now, a full-blown recession across the currency area this year seems unlikely.
今年貨幣區(qū)似乎暫時不會出現(xiàn)全面衰退。
Economists expect the euro-zone economy to expand by 1.5% in 2019.
經(jīng)濟(jì)學(xué)家們預(yù)計2019年，歐元區(qū)經(jīng)濟(jì)會出現(xiàn)1.5%的漲幅。
But if such growth fails to materialise, the ECB will need to consider what tools to use to stimulate it.
但如果這種增長沒能實現(xiàn)，那么ECB將需要考慮使用什么工具來刺激增長。
It could extend its forward guidance—for the moment it expects to keep interest rates at current levels "at least through the summer".
ECB可以延長前瞻指導(dǎo)期限—目前ECB希望能夠?qū)⒗示S持在目前水平，且“至少要撐過這個夏天”。
Another option would be to extend its targeted longer-term refinancing operations,
另一種選擇是延長其定向長期再融資操作，
which offer cheap funds to banks that lend to firms and households.
給銀行提供廉價資金，讓這些銀行給公司和家庭貸款。
As for the bond-buying programme, Mario Draghi, the ECB's president,
至于債券購買項目，ECB行長馬里奧·德拉吉
acknowledged in December that at points it was "the only driver" of recovery in some parts of the euro zone.
在12月承認(rèn)，在歐元區(qū)的某些國家中，這是經(jīng)濟(jì)復(fù)蘇的“唯一驅(qū)動力”。
Disappointing data suggest the central bank might not hold the brakes down for long.
令人失望的數(shù)據(jù)表明央行可能不會一直踩著剎車。
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