保加利亚10年期国债 (Bulgaria10Y) 加自选

由于出口下降速度远快于进口，保加利亚的贸易逆差从去年同月的11亿保加利亚列弗扩大到2025年4月的18.769亿保加利亚列佛。由于对欧盟（-12.1%）和非欧盟国家（-10.7%）的销售额下降，出口同比下降11.6%，至65.833亿保加利亚列弗。与此同时，进口额下降1.0%，至84.602亿保加利亚列弗，原因是来自欧盟的采购减少（-6.2%），尽管来自非欧盟国家的进口有所增加（6.8%）。1月至4月，该国的贸易逆差从去年同期的375710万保加利亚列弗大幅扩大至6610.1万保加利亚列佛，出口下降4.8%，进口增长4.8%。

Bulgaria’s trade deficit widened to BGN 1,876.9 million in April 2025 from BGN 1,100.0 million in the same month last year, as exports fell much faster than imports. Exports declined by 11.6% year-on-year to BGN 6,583.3 million due to lower sales to both the EU (-12.1%) and non-EU countries (-10.7%). Meanwhile, imports fell by 1.0% to BGN 8,460.2 million, amid reduced purchases from the EU (-6.2%), although imports from non-EU countries increased (6.8%). In the January to April period, the country’s trade gap widened significantly to BGN 6,610.1 million from BGN 3,757.1 million in the corresponding period of the previous year, as exports dropped by 4.8%, while imports increased by 4.8%.

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.