希腊3个月期国债 (Greece3M) 加自选

希腊的贸易逆差从去年同期的30亿欧元缩小到2025年4月的28亿欧元。由于对第三国（-22.7%）和欧盟国家（-8.2%）的销售额下降，出口同比下降14.5%，至38亿欧元。与此同时，进口额下降11.4%，至68亿欧元，主要原因是来自第三国的货物减少（-24%），而来自欧盟国家的货物略有增加（1%）。考虑到今年前四个月，该国的贸易逆差从去年同期的110亿欧元略微扩大到111亿欧元，出口下降了5.1%，进口下降了2.9%。

The trade deficit in Greece narrowed to EUR 2.8 billion in April 2025 from EUR 3.0 billion in the same month last year. Exports declined by 14.5% year-on-year to EUR 3.8 billion, as a result of lower sales to third countries (-22.7%) and EU countries (-8.2%). Meanwhile, imports dropped by 11.4% to EUR 6.8 billion, mainly due to a decline in shipments from third countries (-24%) whereas arrivals rose slightly from EU countries (1%). Considering the first four months of the year, the country’s trade deficit widened slightly to EUR 11.1 billion from EUR 11 billion in the corresponding period a year ago, as exports declined by 5.1% and imports fell by 2.9%.

继前三个月下调0.8%的增长率后，希腊经济在2025年第一季度出现季度停滞。这一停滞主要归因于外部净需求的负面贡献，出口下降了0.9%（2024年第四季度为+0.3%），而进口增长了0.7%（为-1.7%）。此外，固定投资大幅收缩6.1%（对3.7%），政府支出也下降1.1%（对+1.1%）。与此同时，家庭消费显示出复苏的迹象，在上一季度下降0.1%后，增长了1.3%。按年度计算，希腊2025年第一季度的国内生产总值增长了2.2%，低于上一季度向下修正的2.5%的增长率。

Greece’s economy stalled on a quarterly basis in the first quarter of 2025, following a downwardly revised 0.8% expansion in the previous three-month period. The stagnation was largely attributed to a negative contribution from net external demand, as exports declined by 0.9% (vs +0.3% in Q4 2024), while imports increased by 0.7% (vs a -1.7%). Additionally, fixed investments contracted sharply by 6.1% (vs 3.7%), and government spending also dropped by 1.1% (vs +1.1%). Meanwhile, household consumption showed signs of recovery, rising 1.3% following a 0.1% decline in the previous quarter. On an annual basis, Greece’s GDP grew by 2.2% in Q1 2025, slowing from a downwardly revised 2.5% expansion in the preceding quarter.

标准普尔全球希腊制造业采购经理人指数在2025年5月为53.2，与上月持平。最新的好转得益于新订单的再次月度增长和产出的急剧扩张。随着就业人数以2022年1月以来的最快速度增长，更多的新订单促使企业加大招聘力度。随后，制造商在三个月内首次减少了积压的工作，消耗速度是2024年1月以来第二快的。然而，供应商的交货时间再次延长，反映了交通和物流延误，以及一些材料短缺的报告。关于价格，成本通胀连续第二个月下降，达到15个月来的最低水平。最后，4月份商业信心增强，高于系列平均水平，这得益于加大力度接触新客户，以及计划投资新机械和产品开发。

The S&P Global Greece Manufacturing PMI stood at 53.2 in May 2025, unchanged from the previous month. The latest upturn was supported by another monthly rise in new orders and a steeper expansion in output. Greater new orders prompted firms to step up hiring, as employment rose at the fastest rate since January 2022. Subsequently, manufacturers were able to reduce their backlogs of work for the first time in three months, with the pace of depletion the second-fastest since January 2024. However, suppliers’ delivery times lengthened again, reflecting traffic and logistics delays, along with some reports of material shortages. Regarding prices, cost inflation eased for the second consecutive month, reaching its lowest level in 15 months. Finally, business confidence strengthened in April and was greater than the series average, buoyed by increased efforts to reach out to new clients, as well as planned investment in new machinery and product development.

继上个月增长6.9%之后，2025年4月希腊经济的信贷总额同比增长7.3%。这是自2022年12月以来的最高读数，主要是由于对一般政府（3月份为1.7%对1.6%）和私营部门（10.9%对10.3%）的信贷增加。

Total credit extended to the Greek economy rose by 7.3% year-on-year in April 2025, following a 6.9% growth in the previous month. This marked the highest reading since December 2022, driven by increases in credit to both the general government (1.7% vs 1.6% in March) and the private sector (10.9% vs 10.3%).