芬兰10年期国债 (Finland10Y) 加自选

2025年8月，芬兰国内生产总值同比下降0.5%，较上月上调后的2.7%有所缓解。经季节性调整的月度数据显示，8月份国内生产总值增长1.7%，从前一个月向上修正的1.5%的跌幅反弹。

Finland’s gross domestic product declined by 0.5% year-on-year in August 2025, easing from an upwardly revised 2.7% fall in the previous month. On a seasonally adjusted monthly basis, the GDP rose by 1.7% in August, rebounding from an upwardly revised 1.5% drop in the previous month.

芬兰消费者信心从前一个月的-7.6升至2025年9月的-6.6。这一温和的改善反映了对芬兰整体经济前景的预期略有改善（8月份为-13.1对-17.1），尽管它们仍然疲软，而家庭对自身财务的看法保持谨慎但相对稳定（-0.6对-0.2）。与此同时，对家庭财务状况的看法相当积极（24对25.8），贷款意愿高于往常（16.8对17.8）。与此同时，这一时期仍被广泛认为对购买耐用品非常不利，消费意愿受到抑制，住宅购买计划明显较低（-12比-14.6）。此外，对总体失业趋势的预期仍然悲观（-27.8比-29.3），个人失业风险相对较高（-12.5比-13.3）。

Finnish consumer confidence rose to -6.6 in September 2025 from -7.6 in the previous month. The modest improvement reflected slightly better expectations for Finland’s broader economic outlook (-13.1 vs -17.1 in August), though they remained weak, while households’ views on their own finances stayed cautious but relatively stable (-0.6 vs -0.2). At the same time, views of households’ financial situation were fairly positive (24 vs 25.8), and intentions to take out a loan were higher than usual (16.8 vs 17.8). Meanwhile, the period was still widely regarded as very unfavorable for purchasing durable goods, keeping spending intentions subdued and dwelling purchase plans notably low (-12 vs -14.6). Additionally, expectations about the general unemployment trend remained pessimistic (-27.8 vs -29.3), and the perceived personal risk of job loss was relatively high (-12.5 vs -13.3).

芬兰制造业信心指数在2025年9月为3，从前一个月的-1开始恢复，高于长期平均水平0。这是自2022年8月以来的首次积极读数，反映出未来几个月的生产预期增强（8月为28比23）。此外，订单积压的下降有所放缓（-21vs-27），成品库存也有所放缓（-2vs-3）。与此同时，68%的公司报告称9月份满负荷运营，高于上月的63%，但仍略低于70%的长期平均水平。

Finland's manufacturing confidence indicator came in at 3 in September 2025, recovering from -1 in the previous month and above the long-term average of 0. This marked the first positive reading since August 2022, reflecting strengthening production expectations for the coming months (28 vs 23 in August). Additionally, the decline in order backlogs moderated (-21 vs -27), as did stocks of finished goods (-2 vs -3). Meanwhile, 68% of companies reported operating at full capacity in September, up from 63% in the prior month, though still slightly below the long-term average of 70%.

芬兰生产者价格指数在7月份下降1.5%后，于2025年8月同比小幅上涨0.1%，这是四个月来的首次年度上涨。这一上涨主要是由能源推动的，电力、天然气、蒸汽和空调价格飙升19.1%，而7月份仅上涨1.2%。供水、污水处理、废物管理和修复服务的价格也有所上涨，在上涨2.8%后上涨了3.4%。然而，其他行业的持续疲软限制了整体涨幅。采矿和采石价格继续下跌（-2.7%对-2.6%），而制成品仍处于通货紧缩状态，尽管速度较慢（-1.4%对-1.8%）。按月计算，生产者价格指数上涨0.8%，这是自1月以来的首次正增长，扭转了前一时期0.1%的跌幅。

Producer prices in Finland edged up 0.1% year-on-year in August 2025, following a 1.5% decline in July and marking the first annual increase in four months. The uptick was largely driven by energy, with prices for electricity, gas, steam, and air conditioning surging 19.1%, compared with only a 1.2% rise in July. Prices for water supply, sewage, waste management, and remediation services also gained momentum, rising 3.4% after a 2.8% increase. However, the overall advance was capped by continued weakness in other sectors. Mining and quarrying prices extended their decline (-2.7% vs -2.6%), while manufactured products stayed in deflation, albeit at a slower pace (-1.4% vs -1.8%). On a monthly basis, producer prices rose 0.8%, the first positive reading since January, reversing the 0.1% drop recorded in the prior period.