奥地利10年期国债 (Austria10Y) 加自选

据初步估计，2025年第二季度，奥地利经济环比增长0.1%，与第一季度持平。这标志着在经历了两年多的停滞或收缩之后，连续第二个季度出现扩张。家庭消费有所回升（0.3%对0.1%），而政府支出增长大幅放缓（0.2%对2.3%）。固定投资也出现反弹（0.3%对-0.2%）。然而，净贸易拖累了增长，因为出口第二季度停滞不前，进口增长（0.9%对1.1%）。在生产方面，制造业、能源和公用事业停滞不前（-0.1%对0.8%），建筑业进一步收缩（-0.5%对-0.3%）。增长主要来自服务业，其中信息、金融和房地产（0.2%）、行政服务（0.5%）和其他服务业（0.8%）增长，而贸易、运输和酒店业持平（-0.1%）。GDP同比增长0.1%，这是自2023年第一季度以来的首次经济增长，并从第一季度修正后的0.4%的下降中反弹。

The Austrian economy grew by 0.1% quarter-on-quarter in Q2 2025, matching the pace in Q1, according to preliminary estimates. This marks a second straight quarterly expansion after over two years of stagnation or contraction. Household consumption picked up (0.3% vs 0.1%), while government spending growth slowed sharply (0.2% vs 2.3%). Fixed investment also rebounded (0.3% vs -0.2%). However, net trade dragged on growth, as exports stalled for a second quarter and imports rose (0.9% vs 1.1%). On the production side, manufacturing, energy, and utilities stagnated (-0.1% vs 0.8%), and construction contracted further (-0.5% vs -0.3%). Growth came mostly from services, with gains in information, finance, and real estate (0.2%), administrative services (0.5%), and other services (0.8%), while trade, transport, and hospitality were flat (-0.1%). Year-on-year, GDP rose 0.1%, the first economic growth since the Q1 of 2023, and rebounding from a revised 0.4% decline in Q1.

2025年6月，奥地利生产者价格指数同比下降0.9%，较上月0.6%的跌幅有所加深。这标志着生产者价格连续第三个月下降，也是自2024年12月以来的最大跌幅，主要原因是能源行业（-3.5%）和中间产品（-1.2%）的成本下降。相反，资本货物（1%）和消费品（2.3%）的价格上涨。按月计算，6月份生产者价格指数下跌0.2%，较前一时期0.3%的跌幅有所放缓。

Producer prices in Austria dropped by 0.9% year-on-year in June 2025, deepening from a 0.6% fall in the previous month. This marked the third consecutive month of decline in producer prices and the sharpest since December 2024, mainly due to decreased costs in the energy sector (-3.5%) and for intermediate goods (-1.2%). Conversely, prices increased for capital goods (1%) and consumer goods (2.3%). On a monthly basis, producer prices went down by 0.2% in June, slowing from a 0.3% loss in the preceding period.

联合信贷银行奥地利制造业采购经理人指数从前一个月的47.0升至2025年7月的48.2。这一改善主要是由于过去三个月中有两个月的产量增加，最近的增长是三年多来最强劲的。然而，制造商继续面临新订单不足的问题，理由是不确定性增加和建筑业持续疲软。此外，就业水平进一步下降，7月份的数据显示，第三季度初人员编制显著减少，反映出在清理积压方面进展有限。在价格方面，投入成本出现了三个月来的首次上涨，尽管按历史标准来看，涨幅仍然不大。最后，7月份的调查显示，商业信心强劲上升，在经济复苏和欧盟-美国贸易协定的希望下，增长预期达到2022年2月以来的最高水平。

The UniCredit Bank Austria Manufacturing PMI rose to 48.2 in July 2025 from 47.0 in the previous month. The improvement was largely driven by an increase in output in two of the past three months, with the latest growth being the strongest seen in over three years. However, manufacturers continued to face a lack of new incoming orders, citing elevated levels of uncertainty and ongoing weakness in the construction sector. Moreover, employment levels declined further, with July data showing a notable reduction in staffing at the beginning of the third quarter, reflecting limited progress in clearing backlogs. On the price front, input costs registered its first rise in three months, though the increase remained modest by historical standards. Lastly, the July survey showed a strong rise in business confidence, with growth expectations reaching its highest level since February 2022 amid hopes of economic recovery and the EU-US trade agreement.

奥地利的年通货膨胀率从上个月的3%上升到2025年6月的3.3%，与初步估计相符。这是自去年5月以来的最高读数，主要是由于食品和非酒精饮料成本上涨，自2024年10月以来首次升至平均水平以上（4.7%对5月的3.5%）。此外，家具、家用设备和维护（0.3%对-0.6%）以及运输（0.3%对-1%）的价格加速上涨，而通信的价格下降速度较慢（-5.9%对-6%）。另一方面，健康（4.5%对5%）和教育（4.8%对5.1%）的通货膨胀有所缓和，而服装和鞋类的通货膨胀进一步下降（-3.2%对-1.5%）。按月计算，6月份消费者价格指数上涨0.5%，也与预期相符，从上一时期0.1%的跌幅反弹。

The annual inflation rate in Austria rose to 3.3% in June 2025 from 3% in the previous month, matching preliminary estimates. This marked the highest reading since May last year, mainly driven by higher costs of food and non-alcoholic beverages, which rose to an above average rate for the first time since October 2024 (4.7% vs 3.5% in May). Additionally, prices accelerated for furnishings, household equipment, and maintenance (0.3% vs -0.6%) and transport (0.3% vs -1%), while it declined at a slower rate for communication (-5.9% vs -6%). On the other hand, inflation softened for health (4.5% vs 5%) and education (4.8% vs 5.1%), while it decreased further for clothing and footwear (-3.2% vs -1.5%). On a monthly basis, consumer prices increased by 0.5% in June, also in line with estimates and rebounding from a 0.1% decline in the preceding period.