马其顿蓝筹股指数 (MBI10) 加自选

北马其顿的年度生产者通胀率从上个月的4.9%降至2025年8月的4.2%。最新数据标志着自2024年9月以来的最低水平，因为能源（7月份为6.5%对7.5%）、资本货物（9.3%对12.7%）和消费品（3.5%对3.7%）的价格增长速度较慢。在消费品中，非耐用品下降（3.6%对3.9%），而耐用品的增长速度更快（1.5%对1%）。与此同时，除能源外，中间产品价格加速上涨（1.4%对0.9%）。按月计算，8月份生产者价格指数下跌0.1%，较上月0.4%的跌幅有所缓解。

The annual producer inflation in North Macedonia slowed to 4.2% in August 2025, from 4.9% in the previous month. The latest figure marked the lowest reading since September 2024, as prices increased at a slower pace for energy (6.5% vs 7.5% in July), capital goods (9.3% vs 12.7%), and consumer goods (3.5% vs 3.7%). Within consumer goods, non-durables ticked down (3.6% vs 3.9%), while durables increased at a quicker rate (1.5% vs 1%). Meanwhile, prices accelerated for intermediate goods, except energy (1.4% vs 0.9%). On a monthly basis, producer prices fell by 0.1% in August, easing from a 0.4% decline in the previous month.

北马其顿的贸易逆差从去年同期的2.5亿美元大幅扩大到2025年8月的3.555亿美元。出口同比下降3.6%，至6.609亿美元，而进口增长8.5%，至10.165亿美元。1月至8月，该国的贸易逆差达到25.09亿美元。出口总额为58.67亿美元，同比增长4.3%，主要原因是动植物油、脂肪和蜡（+28.7%）、饮料和烟草（+28.6%）以及机械成品（+16.4%）的销售额增加。与此同时，进口增长更快，达到83.77亿美元，增长5.3%，主要原因是动植物油、脂肪和蜡（+26.5%）以及饮料和烟草（+14.4%）的购买量增加。

North Macedonia’s trade deficit widened significantly to USD 355.5 million in August 2025 from USD 250 million in the same month of the previous year. Exports declined 3.6% year-on-year to USD 660.9 million, while imports rose by 8.5% to USD 1,016.5 million. For the January to August period, the country’s trade shortfall reached USD 2,509 million. Exports advanced by 4.3% compared to the same period a year earlier, totaling USD 5,867 million, mainly driven by higher sales of animal and vegetable oils, fats and waxes (+28.7%), beverages and tobacco (+28.6%), and machinery finished products (+16.4%). Meanwhile, imports increased faster at 5.3% to USD 8,377 million, primarily due to increased purchases of animal and vegetable oils, fats and waxes (+26.5%) and beverages and tobacco (+14.4%).

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.