芬兰10年期国债 (Finland10Y) 加自选

芬兰工业生产在上个月上调2.6%后，于2025年9月同比下降1.8%。这标志着工业产出连续第四个月收缩，但为6月以来最温和的收缩，因为制造业产量下降2.3%（对-2.8%），采矿和采石业增长更快（27.2%对2.0%），天然气、蒸汽和空调供应略有反弹（0.1%对-1.4%）。经季节性调整的月度数据显示，9月份工业活动下降0.5%，扭转了8月份向下修正的1.4%的增长。

Finland’s industrial production fell 1.8% year-on-year in September 2025, following an upwardly revised 2.6% decline in the previous month. This marked the fourth consecutive month of contraction in industrial output but the mildest since June, as manufacturing production dropped 2.3% (vs -2.8%) amid faster growth in mining and quarrying (27.2% vs 2.0%) and a slight rebound in gas, steam, and air conditioning supply (0.1% vs -1.4%). On a seasonally adjusted monthly basis, industrial activity decreased 0.5% in September, reversing a downwardly revised 1.4% increase in August.

据初步估计，芬兰在2025年9月的贸易逆差为4.3亿欧元，高于去年同期的1.9亿欧元顺差。出口同比下降3.1%，至63.1亿欧元，主要原因是对非欧盟国家的出货量下降（-14.3%），而对欧盟的销售额上升（6.2%）。在主要贸易伙伴中，对德国（-1.5%）、荷兰（-9.6%）和美国（-28.8%）的出口明显下降。与此同时，由于从欧盟（4.1%）和非欧盟国家（10.2%）的采购增加，进口增长6.7%，达到67.4亿欧元的11个月高点。进口主要来自德国（6.1%），其次是瑞典（16.6%）、美国（5.4%）和挪威（32%）。考虑到1月至9月期间，该国的赤字为2.3亿欧元，与去年同期的20.2亿欧元相比大幅收窄。

Finland posted a trade deficit of EUR 0.43 billion in September 2025, shifting from a surplus of EUR 0.19 billion in the same month last year, according to preliminary estimates. Exports fell by 3.1% year-on-year to EUR 6.31 billion, driven by lower shipments to non-EU countries (-14.3%), while sales to EU rose (6.2%). Among key trading partners, exports decreased notably to Germany (-1.5%), Netherlands (-9.6%), and the US (-28.8%). Meanwhile, imports grew 6.7% to an eleven-month high of EUR 6.74 billion, due to increased purchases from EU (4.1%) and non-EU countries (10.2%). Imports rose mainly from Germany (6.1%), followed by Sweden (16.6%), the US (5.4%), and Norway (32%). Considering the January to September period, the country recorded a deficit of EUR 0.23 billion, narrowing sharply from a EUR 2.02 billion in the corresponding period a year ago.

据初步估计，芬兰经济在2025年第三季度环比收缩0.1%，较上一季度0.4%的下降有所缓解。尽管如此，最新数据代表了连续第二个经济收缩期。按年度计算，芬兰的国内生产总值下降了0.9%，这是继第二季度停滞之后一年多来的首次同比下降。

Finland’s economy contracted by 0.1% quarter-on-quarter in the third quarter of 2025, easing from a 0.4% decline in the previous quarter, according to preliminary estimates. Still, the latest figure represents the second consecutive period of economic contraction. On an annual basis, Finland’s GDP fell by 0.9%, marking its first year-on-year decline in over a year, following stagnation in the second quarter.

2025年9月，芬兰国内生产总值同比收缩0.2%，低于上个月向上修正的0.7%的降幅。这标志着连续第三个月出现收缩，但也是该序列中最疲软的一个月。经季节性调整的月度数据显示，9月份国内生产总值增长1.2%，从上一时期1.4%的下降中恢复过来。

Finland’s gross domestic product contracted by 0.2% year-on-year in September 2025, slowing from an upwardly revised 0.7% decline in the previous month. This marked the third consecutive month of contraction but the softest in the sequence. On a seasonally adjusted monthly basis, the GDP expanded by 1.2% in September, recovering from a 1.4% drop in the preceding period.