卡塔尔10年期国债 (Qatar10Y) 加自选

2025年第二季度，卡塔尔经济同比增长1.9%，而前一时期增长3.7%。非碳氢化合物活动推动了持续增长，增长了3.4%，占国内生产总值的65.6%，突显了第三个国家发展战略和卡塔尔2030年国家愿景下的多样化。涨幅最大的是农业、林业和渔业（+15.8%）、住宿和餐饮服务（+13.4%）、艺术、娱乐和休闲（+8.9%）、批发和零售贸易（+8.8%）以及建筑业（+8.7%）。总的来说，17个行业中有11个实现了正增长，突显了旅游业、服务业和基础设施投资支持的广泛复原力。当局注意到，国内生产总值计量持续改进，国民账户正在进行修订，以符合国际标准。

Qatar’s economy expanded by 1.9% year-on-year in Q2 2025, following a 3.7% expansion in the previous period. The sustained growth was driven by non-hydrocarbon activities, which rose 3.4% and accounted for 65.6% of GDP, underscoring diversification under the Third National Development Strategy and Qatar National Vision 2030. Strongest gains came from agriculture, forestry and fishing (+15.8%), accommodation and food services (+13.4%), arts, entertainment and recreation (+8.9%), wholesale and retail trade (+8.8%), and construction (+8.7%). In total, 11 of 17 sectors posted positive growth, highlighting broad-based resilience supported by tourism, services, and infrastructure investment. Authorities noted continued improvements in GDP measurement and ongoing revisions to national accounts to align with international standards.

继美联储最近降息后，卡塔尔央行宣布将其关键利率下调25个基点。存款利率降至4.35%，贷款利率降至4.85%，回购利率降至4.60%。此举突显出卡塔尔与全球货币政策趋势保持一致，以支持经济稳定。

Qatar’s central bank announced a 25 basis point cut in its key interest rates, following the U.S. Federal Reserve’s recent rate reduction. The deposit rate was lowered to 4.35%, the lending rate to 4.85%, and the repo rate to 4.60%. This move highlights Qatar’s alignment with global monetary policy trends to support economic stability.

卡塔尔的标准普尔全球采购经理人指数（PMI）在2025年7月降至51.4，低于6月份的三个月高点52.0，表明非能源私营部门的增长速度放缓。然而，该指数仍略高于2025年的趋势水平51.2。增长放缓的原因是新订单下降速度加快、产出增长放缓和供应商交货时间加快。产量仅略有上升。这些因素被更强劲的就业增长和投入库存的增加部分抵消，创造的就业机会达到了有史以来的第二高水平。与此同时，尽管人员配备水平急剧上升，但积压的工作仍在增加。在价格方面，销售价格连续第12个月下跌，通货紧缩速度加速至2024年9月以来的最快速度。最后，商业信心跌至一年低点。

Qatar’s S&P Global Purchasing Managers’ Index (PMI) declined to 51.4 in July 2025, down from June’s three-month high of 52.0, indicating a softer pace of non-energy private sector growth. However, the index remained slightly above the 2025 trend level of 51.2. The moderation in growth was driven by a faster decline in new orders, slower output growth, and quicker supplier delivery times. Output rose only slightly. These factors were partially offset by stronger employment growth and an increase in input inventories, with job creation reaching the second-highest level on record. Meanwhile, backlogs of work increased despite the sharp rise in staffing levels. On the price front, selling prices fell for the twelfth consecutive month, with the rate of deflation accelerating to its fastest pace since September 2024. Finally, business sentiment weakened to a one-year low.

卡塔尔标准普尔全球采购经理人指数（PMI）从5月份的50.8升至2025年6月的52.0，标志着非能源私营部门自3月份以来增长最快。最新读数与2025年迄今为止的最高水平相匹配，尽管仍略低于52.2的长期调查平均值。产出继续扩大，就业增加，创造就业的速度达到有记录以来的第三高。所有行业都出现了就业增长，其中制造业领涨。未完成业务的进一步增长支撑了人员配置水平的提高，这是自去年10月以来的最大增幅。工资增长也很显著，创下有史以来第二高的增幅，仅次于1月份。在价格方面，销售价格连续第11个月下降，通货紧缩率为去年11月以来最快。展望未来，商业情绪有所缓和，自2017年以来一直低于长期调查平均水平。

Qatar’s S&P Global Purchasing Managers’ Index (PMI) rose to 52.0 in June 2025, up from 50.8 in May, signaling the fastest growth in the non-energy private sector since March. The latest reading matches the highest level recorded so far in 2025, although it remains slightly below the long-run survey average of 52.2. Output continued to expand, while employment rose, with the pace of job creation reaching the joint-third highest on record. Employment growth was observed across all sectors, led by manufacturing. The rise in staffing levels was supported by a further increase in outstanding business, the sharpest since last October. Wage growth was also notable, recording the second-highest increase on record, just behind January. On the price front, selling prices declined for the eleventh consecutive month, with the rate of deflation the fastest since last November. Looking ahead, business sentiment moderated and remained below the long-run survey average since 2017.