匈牙利10年期国债 (Hungary10Y) 加自选

初步估计显示，匈牙利工业生产在上个月持平后，于2025年4月同比下降5%。大多数制造业seb行业的产量下降，主要是汽车、电气设备以及食品、饮料和烟草的总产量下降。与此同时，计算机、电子和光学产品的制造业产量增长。经季节性调整的月度数据显示，2025年4月工业活动增长1.5%，而前一时期增长0.1%。

Industrial Production in Hungary fell by 5% year-on-year in April 2025, following a flat reading in the previous month, preliminary estimates showed. Production volume decreased in the majority of the manufacturing sebsectors, led by the total manufacture of vehicles, electrical equipment, and food, beverage, & tobacco. Meanwhile, output growth was seen for the manufacture of computers, electronics, & optical products. On a seasonally adjusted monthly basis, industrial activity rose by 1.5% in April 2025 from a 0.1% increase in the preceding period.

2025年4月，匈牙利的零售额同比增长5%，高于上个月向上修正的三个月低点0.8%。这标志着自2022年5月以来零售活动的最强劲扩张，因为食品、饮料和烟草（3月份为3.7%对1.4%）以及汽车燃料（2.4%对0%）的销售额增长更快。与此同时，非食品类产品的贸易增长从3月份的5.9%放缓至四个月低点4%，原因是纺织品、服装和鞋类以及二手商品的销售额下降。经季节性调整的月度数据显示，4月份零售活动增长了2%，较前一时期下调的0.3%有所反弹。

Retail sales in Hungary climbed by 5% year-on-year in April 2025, accelerating from an upwardly revised and three-month low of 0.8% in the previous month. This marked the strongest expansion in retail activity since May 2022, as sales increased faster for food, beverages and tobacco (3.7% vs 1.4% in March) and automotive fuel (2.4% vs 0%). Meanwhile, trade growth slowed for non-food products to a four-month low of 4% from 5.9% in March, due lower sales in textile, clothing and footwear and second hand items. On a seasonally adjusted monthly basis, retail activity rose by 2% in April, rebounding from downwardly revised 0.3% fall in the preceding period.

匈牙利的国内生产总值在前三个月增长0.4%后，在2025年第一季度与去年同期相比停滞不前，证实了初步估计。商业（2.1%对2.8%）、住宿和餐饮服务（1.7%对6.2%）和服务业（1.1%对2.1%）的增长放缓。与此同时，工业（-3.9%对-1.4%）、制造业（-4.6%对-3.2%）的降幅变得明显，而农业（-0.7%对-13.6%）的跌幅则不那么明显。这些被教育（3.1%对1%）和运输与仓储（1.6%对1.2%）的增长所抵消。经季节性调整的季度数据显示，GDP在上一季度增长0.6%后下降了0.2%。

Hungary’s gross domestic product stalled from a year earlier in the first quarter of 2025, following a 0.4% growth in the previous three-month period, confirming preliminary estimates. Growth slowed for commerce (2.1% vs 2.8%), accommodation & catering services (1.7% vs 6.2%) and, service sector (1.1% vs 2.1%). At the same time, the drop became apparent from industry (-3.9% vs -1.4%), manufacturing (-4.6% vs -3.2%), while less pronounced for agriculture (-0.7% vs -13.6%). These were offset by the gains in education (3.1% vs 1%) and transportation & warehousing (1.6% vs 1.2%). On a seasonally adjusted quarterly basis, the GDP fell by 0.2% after a 0.6% gain in the previous period.

HALPIM制造业采购经理人指数从上个月的50.2降至2025年5月的50.1。这标志着连续第七个扩张期，尽管速度是自1月以来最慢的，该指数低于长期月平均水平，也低于过去三年5月的平均水平。国内制造业显示出温和的增长，在去年6月长期放缓后继续复苏。然而，大多数分项指数较上月有所下降。就业指数下滑，新订单也跌破50点大关。在定价方面，投入成本加快，表明价格压力越来越大。与此同时，外部需求仍然喜忧参半，出口降至中性阈值以下，而进口仍处于扩张区域。

The HALPIM Manufacturing PMI fell to 50.1 in May 2025 from 50.2 in the previous month. It marked the seventh consecutive period of expansion, albeit at the softest pace since January, with the index falling short of both the long-term monthly average, as well as average May levels seen in the past three years. Domestic manufacturing shows modest growth, continuing its recovery after a prolonged slowdown since last June. However, most sub-indices declined from the previous month. The employment index slipped into contraction and new orders also fell below the 50-point mark. On the pricing front, input costs accelerated, signaling mounting price pressures. Meanwhile, external demand remained mixed, with exports dipping below the neutral threshold, while imports stayed in expansion territory.