保加利亚10年期国债 (Bulgaria10Y) 加自选

2025年4月，保加利亚建筑业产出同比增长放缓至7.0%，而前一个月上调后为9.0%。放缓的原因是土木工程（3月份为8.1%对12.8%）和专业建筑活动（10.8%对14.1%）的增长放缓。与此同时，建筑业的产量从之前的2.2%小幅增长至3.1%。经季节性调整的月度数据显示，4月份建筑业产出下降0.7%，高于3月份向上修正的1.9%的增长。

Construction output growth in Bulgaria eased to 7.0% year-on-year in April 2025, from an upwardly revised 9.0% increase in the previous month. The slowdown was due to moderated growth for civil engineering works (8.1% vs 12.8% in March) and specialized construction activities (10.8% vs 14.1%). Meanwhile, production in building construction grew slightly to 3.1% from 2.2% previously. On a seasonally adjusted monthly basis, construction output declined by 0.7% in April, shifting from an upwardly revised 1.9% rise in March.

2025年4月，保加利亚的工业生产同比下降10.4%，比上个月向上修正的9.9%的降幅进一步下滑。这标志着工业活动连续第五个月下降，也是该序列中下降幅度最大的一个月，因为采矿和采石业（-3.9%对3月份的2.7%）和制造业（-7%对-4.4%）的产出大幅下降。与此同时，电力、天然气、蒸汽和空调供应的产量下降速度较慢（-18.7%对-34.5%）。经季节性调整的月度数据显示，4月份工业活动增长了0.8%，这是七个月来的首次增长，从前一时期向上修正的5%的损失中反弹。

Industrial production in Bulgaria plunged by 10.4% year-on-year in April 2025, slipping further from an upwardly revised 9.9% drop in the previous month. This marked the fifth consecutive month of decline in industrial activity and the sharpest in the sequence, as output decreased sharply for mining and quarrying (-3.9% vs 2.7% in March) and manufacturing (-7% vs -4.4%). Meanwhile, production declined at a slower pace for electricity, gas, steam & air-conditioning supply (-18.7% vs -34.5%). On a seasonally adjusted monthly basis, industrial activity rose by 0.8% in April, the first growth in seven months, rebounding from an upwardly revised 5% loss in the preceding period.

保加利亚经济在2025年第一季度同比增长3.1%，证实了初步估计，并从上一季度3.4%的两年高点略有回落。经济放缓主要是由于净贸易的负面贡献，出口进一步下降（第四季度为-3.2%对-1.7%），而进口增长速度更快（4.6%对2.2%）。与此同时，国内需求表现出更强劲的势头，最终消费增长从第四季度的5.8%加速至7.2%，反映出家庭和政府支出的弹性。固定资本形成总额也显著改善，与之前的1.4%相比增长了7.9%。按季度计算，经济增长了0.6%，低于前三个月0.9%的增长率。

Bulgaria’s economy expanded by 3.1% year-on-year in the first quarter of 2025, confirming preliminary estimates and easing slightly from a two-year high of 3.4% in the previous quarter. The slowdown was largely driven by a negative contribution from net trade, as exports declined further (-3.2% vs. -1.7% in Q4), while imports rose at a faster pace (4.6% vs. 2.2%). Meanwhile, domestic demand showed stronger momentum, with final consumption growth accelerating to 7.2% from 5.8% in Q4, reflecting resilient household and government spending. Gross fixed capital formation also improved markedly, rising by 7.9% compared to 1.4% previously. On a quarterly basis, the economy expanded by 0.6%, easing from the 0.9% growth recorded in the previous three-month period.

2025年4月，保加利亚的零售额同比增长2.4%，较上月5.4%的增长有所放缓。减速是由于食品、饮料和烟草销售（3月份为0.1%对0.5%）以及包括燃料在内的非食品产品（4%对8.3%）的增长疲软。在非食品类商品中，纺织品、服装和鞋类（6.3%对10.3%）以及音频和视频设备（6.7%对10.7%）的销售增长明显放缓。与此同时，计算机、外围设备和软件的贸易下降（-4.2%对11.6%）。按月计算，零售额增长0.6%，低于3月份向上修正的1.4%的增长。

Retail sales in Bulgaria rose 2.4% year-on-year in April 2025, slowing from a 5.4% increase in the previous month. The deceleration was due to weaker growth in both food, beverages, and tobacco sales (0.1% vs 0.5% in March), and non-food products including fuel (4% vs 8.3%). Within non-food items, sales growth notably slowed for textiles, clothing, and footwear (6.3% vs 10.3%), as well as audio and video equipment (6.7% vs 10.7%). Meanwhile, trade declined for computers, peripheral units, and software (-4.2% vs 11.6%). On a monthly basis, retail sales rose 0.6%, easing from an upwardly revised 1.4% gain in March.