匈牙利10年期国债 (Hungary10Y) 加自选

HALPIM制造业采购经理人指数从上个月向下修正的49.8降至2025年6月的48.9。这标志着连续第二个收缩期，该指数低于长期月平均水平，但超过了过去三年6月的平均水平。与上个月相比，大多数子成分都有所减弱。就业指数仍为负值，新订单也进一步跌破50点大关。在定价方面，采购价格有所回落，表明投入成本通胀步伐放缓。外部需求喜忧参半：出口订单仍低于中性水平，而进口仍处于扩张区间。

The HALPIM Manufacturing PMI fell to 48.9 in June 2025 from a downwardly revised 49.8 in the previous month. It marked the second consecutive period of contraction, with the index falling below the long-term monthly average, but it exceeded the average June levels seen in the past three years. Most subcomponents weakened compared to the previous month. The employment index remained in negative territory, and new orders also declined further beneath the 50-point mark. On the pricing side, purchase prices eased, indicating a softer pace of input cost inflation. External demand was mixed: export orders remained below the neutral mark, while imports stayed in expansion territory.

2025年5月，匈牙利的贸易顺差从去年同期的10.2亿欧元收窄至7.39亿欧元，远低于市场预期的13.78亿欧元顺差。这标志着自2024年12月以来最小的贸易顺差，因为出口增长低于进口。出口同比增长2.0%，达到121.98亿欧元，进口同比增长4.8%，达到114.58亿欧元。考虑到今年前五个月，该国的贸易顺差从去年同期的66.46亿欧元降至60.6亿欧元。

Hungary’s trade surplus narrowed to EUR 739 million in May 2025 from EUR 1,020 million in the corresponding month a year ago, well below market expectations of EUR 1,378 million surplus. This marked the smallest trade surplus since December 2024, as exports rose less than imports. Year-on-year, exports grew by 2.0% to EUR 12,198 million, while imports increased by 4.8% to EUR 11,458 million. Considering the first five months of the year, the country’s trade surplus fell to EUR 6060 million from EUR 6646 million in the same period last year.

匈牙利的年度生产者通胀率从上个月的7.9%降至2025年5月的6.9%。这是自2024年10月以来的最低水平，制造业（4.2%对4月的4.4%）和电力、天然气、蒸汽和空调供应（7.8%对11%）的价格涨幅放缓。相比之下，采矿和采石（4.9%对3.1%）以及水收集、处理和供应（3.1%对3%）的成本继续上升。与此同时，非国内产出的通货膨胀有所缓解（8.3%对9.9%），而国内产出的通胀保持不变（3.9%）。按月计算，继4月份下降0.4%之后，5月份生产者价格指数下降了0.7%。

Hungary’s annual producer inflation slowed to 6.9% in May 2025 from 7.9% in the previous month. This marked the lowest reading since October 2024, amid softer price increases for manufacturing (4.2% vs 4.4% in April) and electricity, gas, steam & air-conditioning supply (7.8% vs 11%). In contrast, costs continued to rise for mining and quarrying (4.9% vs 3.1%) and water collection, treatment & supply (3.1% vs 3%). Meanwhile, inflation eased for non-domestic output (8.3% vs 9.9%) while remained unchanged for domestic output (at 3.9%). On a monthly basis, producer prices fell by 0.7% in May, following a 0.4% drop in April.

匈牙利的失业率从去年同期的4.4%降至2025年3月至5月的4.3%。失业人数比上年减少5000人，降至21.15万人。其中男性11.67万人，女性94.8万人。与去年同期相比，男性和女性的失业率大致保持不变，分别为4.5%和4.1%。找工作的平均时间为12.8个月，42.1%的失业者找工作不到3个月，而33.2%的人至少一年没有找到工作。与此同时，就业人数下降了3.8万人，至467.3万人。男性就业人数减少18.4万，降至247.8万，而女性就业人数减少19.6万，至219.5万。

The unemployment rate in Hungary edged down to 4.3% in March-May 2025, from 4.4% in the same period last year. The number of unemployed individuals dropped by 5 thousand from a year earlier to 211.5 thousand. Of this total, 116.7 thousand were men and 94.8 thousand were women. The jobless rate for both genders were broadly unchanged compared to the corresponding period a year ago, standing at 4.5% for men and 4.1% for women. The average time spent looking for a job was 12.8 months, with 42.1% of all unemployed had been looking for a job for less than 3 months, while 33.2% had not found a job for at least a year. Meanwhile, the number of employed persons declined by 38 thousand to 4.673 million. Employment among men fell by 18.4 thousand to 2.478 million, while employment among women decreased by 19.6 thousand to 2.195 million.