马其顿蓝筹股指数 (MBI10) 加自选

北马其顿国家银行在2025年9月连续第五次会议将基准利率保持在5.35%，在国内稳定增长的情况下保持谨慎的货币政策立场。在基本商品和食品的推动下，8月份的整体通胀率从7月份的4.8%降至4.4%，尽管全球不确定性和大宗商品价格波动仍存在风险。在家庭消费和总投资的支持下，第二季度国内生产总值增长了3.4%，为三年来最快增速，而净出口则略有负增长。外汇市场保持稳定，外汇储备为47.5亿欧元，央行正在进行干预。宏观审慎措施加强了谨慎的政策，包括调整存款准备金率、收紧信贷标准和增加逆周期资本缓冲，反映了对价格稳定、汇率稳定和系统性风险缓解的平衡方法。

The National Bank of North Macedonia kept its benchmark interest rate at 5.35% for a fifth consecutive meeting in September 2025, maintaining a cautious monetary policy stance amid steady domestic growth. Headline inflation eased to 4.4% in August from 4.8% in July, driven by basic goods and food, though risks remain from global uncertainties and commodity price volatility. GDP expanded 3.4% in Q2, the fastest pace in three years, supported by household consumption and gross investment, while net exports contributed slightly negatively. The foreign exchange market remained stable with €4.75 billion in reserves and ongoing central bank interventions. The cautious policy is reinforced by macroprudential measures, including adjustments to reserve requirements, tighter credit standards, and an increase in the countercyclical capital buffer, reflecting a balanced approach to price stability, exchange rate stability, and systemic risk mitigation.

北马其顿的年度生产者通胀率在2025年7月降至4.9%，标志着连续第五个月下降，并从6月的5.3%放缓。这是自2024年9月以来生产者价格最疲软的增长，主要原因是能源成本（7.5%对6月的8.0%）、不包括能源的中间产品（0.9%对1.3%）、资本货物（12.7%对12.9%）和消费品（3.7%对4.1%）的增长放缓。在消费品中，非耐用品的增长速度较慢（3.9%对4.4%），而耐用品的增速加快（1.1%对0.5%）。按月计算，7月份生产者价格指数下跌0.4%，扭转了6月份0.4%的涨幅。

The annual producer inflation rate in North Macedonia eased to 4.9% in July 2025, marking the fifth consecutive monthly decline and slowing from 5.3% in June. This was the softest growth in producer prices since September 2024, driven by slower increases in energy costs (7.5% vs 8.0% in June), intermediate goods excluding energy (0.9% vs 1.3%), capital goods (12.7% vs 12.9%) and consumer goods (3.7% vs 4.1%). Within consumer goods, non-durables rose at a slower pace (3.9% vs 4.4%), while durables accelerated (1.1% vs 0.5%). On a monthly basis, producer prices fell 0.4% in July, reversing the 0.4% gain in June.

北马其顿的年通货膨胀率从7月份的4.8%降至2025年8月的4.4%，为三个月来的最低水平。经济放缓的主要原因是食品和非酒精饮料（7月份为6.2%对6.8%）以及住房和公用事业（1.2%对1.8%）的价格放缓。运输（3.6%对4.6%）、鞋类（3.3%对3.6%）、娱乐和文化（5.8%对6.6%）、医疗保健（2%对3%）和通信（0.6%对1.1%）的通货膨胀也有所缓解。相比之下，家具、家居用品和常规家庭维护（5.3%对5.1%）、餐馆和酒店（4.4%对2.9%）以及杂项商品和服务（4.1%对3.1%）的价格增长加快。按月计算，消费者价格指数上涨0.2%，较7月份的1.1%大幅回落。

North Macedonia’s annual inflation rate eased to 4.4% in August 2025 from 4.8% in July, marking the lowest reading in three months. The slowdown was mainly driven by moderating prices for food and non-alcoholic beverages (6.2% vs 6.8% in July) and housing and utilities (1.2% vs 1.8%). Inflation also eased in transport (3.6% vs 4.6%), footwear (3.3% vs 3.6%), recreation and culture (5.8% vs 6.6%), healthcare (2% vs 3%), and communications (0.6% vs 1.1%). In contrast, price growth accelerated for furniture, household goods, and regular household maintenance (5.3% vs 5.1%), restaurants and hotels (4.4% vs 2.9%), and miscellaneous goods and services (4.1% vs 3.1%). On a monthly basis, consumer prices rose by 0.2%, moderating sharply from a 1.1% jump in July.

2025年7月，北马其顿的贸易逆差从去年同期的3.328亿美元显著扩大到3.73亿美元。这标志着自2024年12月以来最大的贸易逆差，出口同比增长12.6%，达到7.794亿美元，而进口增长速度略慢，为12.3%，达到11.523亿美元。在1月至7月期间，该国的贸易逆差达到21.524亿美元。与去年同期相比，出口增长了5.4%，总额为52.068亿美元，主要原因是饮料和烟草（34.4%）、动植物油、脂肪和蜡（32.4%）以及不包括燃料的原材料（10.2%）的销售额增加。与此同时，进口额增长4.8%，达到73.593亿美元，主要原因是动植物油、脂肪和蜡（24.3%）、饮料和烟草（13.9%）以及食品和活体动物（8.3%）的购买量增加。

North Macedonia's trade deficit widened notably to $373 million in July 2025, from $332.8 million in the same month of the previous year. This marked the largest trade gap since December 2024, as exports grew by 12.6% year-on-year to $779.4 million, while imports rose at a slightly slower pace of 12.3% to $1,152.3 million. For the January–July period, the country's trade deficit reached $2,152.4 million. Exports increased by 5.4% compared to the same period a year earlier, totaling $5,206.8 million, primarily driven by higher sales of beverages and tobacco (34.4%), animal and vegetable oils, fats and waxes (32.4%), and raw materials excluding fuel (10.2%). Meanwhile, imports rose by 4.8% to $7,359.3 million, mainly due to increased purchases of animal and vegetable oils, fats and waxes (24.3%), beverages and tobacco (13.9%), and food and live animals (8.3%).