捷克10年期国债 (CzechRepublic10Y) 加自选

初步估计显示，捷克共和国的年通货膨胀率从上个月的2.7%急剧降至2025年4月的1.8%，低于2.1%的市场预期。这标志着七年来通货膨胀率首次降至捷克国家银行2%的目标以下，也是自2018年3月以来的最低水平。食品、酒精和烟草的价格增长明显放缓（3.3%对3月份的5.9%），商品的价格增长也明显放缓（0.2%对1.6%），而能源成本进一步下降（-4.9%对-3.6%）。与此同时，服务业通胀从3月份的4.5%微升至4.7%。按月计算，继3月份上涨0.1%之后，4月份消费者价格指数下降了0.1%，这是四个月来的首次下降。

The annual inflation rate in the Czech Republic fell sharply to 1.8% in April 2025 from 2.7% in the previous month, coming in below market expectations of 2.1%, preliminary estimates showed. This marked the first time in seven years that inflation dropped below the Czech National Bank’s 2% target, and it was the lowest reading since March 2018. Price growth slowed notably for food, alcohol, and tobacco (3.3% vs 5.9% in March), as well as for goods (0.2% vs 1.6%), while energy costs declined further (-4.9% vs -3.6%). Meanwhile, services inflation edged up slightly to 4.7% from 4.5% in March. On a monthly basis, consumer prices fell by 0.1% in April—the first decline in four months—following a 0.1% increase in March.

标准普尔全球捷克制造业采购经理人指数从上个月的48.3升至2025年4月的48.9，好于市场预期的47.9。这是自2022年6月以来的最高读数，主要是由于新订单的恢复扩张，以及更强劲的需求和新客户的收购。此外，尽管总体产出继续下降，但收缩率是当前35个月经济衰退中最温和的，反映出客户犹豫情绪有所缓解。与此同时，制造商大幅裁员，主要是因为自愿离职者没有得到替代。在价格方面，通胀压力显示出缓解的迹象。投入成本连续第15个月上涨，但增速从3月份的8个月高点放缓，并保持历史低位。展望未来，捷克制造商仍持乐观态度，理由是预计未来一年需求状况将持续复苏。

The S&P Global Czechia Manufacturing PMI rose to 48.9 in April 2025 from 48.3 in the previous month, better than market expectations of 47.9. This marked the highest reading since June 2022, primarily driven by a return to expansion in new orders, supported by stronger demand and new client acquisitions. In addition, although overall output continued to decline, the rate of contraction was the softest in the current 35-month downturn, reflecting easing customer hesitancy. Meanwhile, manufacturers cut jobs at a sharp pace, largely due to the non-replacement of voluntary leavers. On the prices front, inflationary pressures showed signs of easing. Input costs rose for the fifteenth consecutive month, but the rate of increase slowed from March’s eight-month high and remained historically subdued. Looking ahead, Czech manufacturers remained optimistic, citing expectations of a sustained recovery in demand conditions over the coming year.

据初步估计，捷克共和国2025年第一季度的国内生产总值（GDP）增长了0.5%，符合市场预期。季度扩张主要是由家庭最终消费支出的持续增长推动的。资本形成总额和外国需求也对这一增长做出了轻微贡献。国内生产总值同比增长2.0%。捷克统计局国民账户部主任Vladimír Kermiet表示：“2.0%的年经济增长完全由国内需求，特别是家庭消费支撑。净出口的贡献为负。”。建筑、贸易、运输、住宿和餐饮服务以及其他服务业的季度和年度总附加值都有所增长。相比之下，制造业有所下降。

The Czech Republic's gross domestic product (GDP) grew by 0.5% in the first quarter of 2025, in line with market expectations, according to preliminary estimates. The quarterly expansion was mainly driven by continued growth in household final consumption expenditure. Gross capital formation and foreign demand also contributed slightly to the increase. On a year-on-year basis, GDP rose by 2.0%. "The 2.0% annual economic growth was supported entirely by domestic demand, particularly household consumption. The contribution of net exports was negative," said Vladimír Kermiet, Director of the National Accounts Department at the Czech Statistical Office. Gross value added increased in both quarterly and annual terms in sectors such as construction, trade, transport, accommodation and food services, and other services. In contrast, manufacturing recorded a decline.

捷克共和国的消费者信心指数从上个月的三个月高点98.8降至2025年4月的97.7。预计捷克共和国未来12个月整体经济形势将恶化的受访者人数有所增加。此外，预计明年财务状况恶化的家庭比例加快，而认为当前时期不利于大额购买的消费者比例连续第二个月下降。与此同时，对其当前财务状况比前十二个月更糟糕的评估保持不变。

The consumer confidence indicator in the Czech Republic fell to 97.7 in April 2025 from a three-month high of 98.8 in the previous month. The number of respondents expecting the overall economic situation in the Czech Republic to deteriorate over the next twelve months increased. Moreover, the share of households expecting their financial situation to worsen over the next year accelerated, while the proportion of consumers who believe that the current period is not conducive to making large purchases fell for the second consecutive month. Meanwhile, the assessments of their current financial situation as worse than in the previous twelve months remained unchanged.