荷兰10年期国债 (Netherlands10Y) 加自选

荷兰经济在2025年第二季度同比增长1.5%，为一年来最慢增速，低于第一季度的2.2%。增长主要得益于政府支出、家庭消费和投资的增加。政府消费增长2.8%，家庭支出增长1.0%，投资增长2.5%。出口增长2.2%，但进口增长更为急剧，为3.7%，这意味着贸易对整体增长造成了压力。按行业划分，政府和医疗保健等公共服务以及酒店、运输和仓储等与贸易相关的行业对年度扩张贡献最大。

The Dutch economy grew by 1.5% year-on-year in Q2 2025, the slowest pace in a year and down from 2.2% in Q1. Growth was mainly driven by higher government spending, household consumption, and investment. Government consumption rose 2.8%, household spending increased 1.0%, and investments climbed 2.5%. Exports grew 2.2%, but imports rose more sharply at 3.7%, meaning trade weighed on overall growth. By sector, industry, public services like government and healthcare, and trade-related sectors such as hospitality, transport, and storage contributed the most to the yearly expansion.

根据预先估计，荷兰的国内生产总值在2025年第二季度环比增长0.1%，较第一季度的0.4%有所放缓。这标志着经济增长连续第五个季度放缓。适度增长主要是由于投资增加和政府支出增加。固定资产投资增长1.5%，主要是船舶和飞机等运输设备的采购，尽管建筑投资有所下降。政府消费增长0.8%，但家庭支出下降0.4%，酒店、服装和休闲支出下降。出口增长0.9%，但进口增长2.6%，贸易顺差减少。大多数行业的增加值都有所上升，其中采矿和采石业领先1.2%。商业服务和工业也做出了积极贡献，这要归功于它们更大的经济权重。然而，建筑、零售、酒店、运输和金融服务对整体增长造成了压力。

The Netherlands’ GDP expanded by 0.1% quarter-on-quarter in Q2 2025, easing from 0.4% in Q1, according to advance estimates. This marks the fifth straight quarter of slowing growth. The modest rise was mainly driven by increased investments and higher government spending. Investments in fixed assets grew by 1.5%, led by purchases of transport equipment like ships and aircraft, though construction investment declined. Government consumption rose 0.8%, but household spending fell 0.4%, with lower outlays on hospitality, clothing, and leisure. Exports rose 0.9%, but were outpaced by a 2.6% jump in imports, reducing the trade surplus. Most sectors saw a rise in value added, with mining and quarrying leading at 1.2%. Business services and industry also contributed positively, thanks to their larger economic weight. However, construction, retail, hospitality, transport, and financial services weighed on overall growth.

荷兰的商业信心指数从6月份的一年半低点-5.0微升至2025年7月的-4.9。尽管略有上升，但这一数字仍远低于其20年来的平均值-1.3。制造商对未来三个月的预期产量变得更加乐观（6月份为4比2.3）。然而，他们对成品库存（-7.3对-6.3）和订单簿（-11.4对-11.1）的评估进一步恶化。几乎所有行业的生产者信心都保持负面。只有木材和建筑材料行业的制造商在7月份报告了积极的前景，而金属行业的制造商则最为悲观。

The Netherlands’ business confidence indicator edged up to -4.9 in July 2025, from a one-and-a-half-year low of -5.0 in June. Despite the modest uptick, the figure remained well below its 20-year average of -1.3. Manufacturers became more optimistic about expected production over the next three months (4 vs 2.3 in June). However, their assessments of finished goods inventories (-7.3 vs -6.3) and order books (-11.4 vs -11.1) deteriorated further. Producer confidence also remained negative across nearly all sectors. Only manufacturers in the wood and building materials industry reported a positive outlook in July, while those in the metal industry were the most pessimistic.

荷兰的消费者信心指数从上个月的-36上升到2025年7月的-32。这是自2月以来的最高读数，因为所有分项指数都有所改善。消费者对整体经济环境的评价上升至六个月来的最高点（-52对6月的-58），而对过去十二个月经济形势的看法则上升至五个月以来的最高值（-59对-62）。对未来12个月的预期也攀升至6个月来的最高水平（-46比-54）。家庭财务状况也有所改善，过去12个月的评估达到了4个月来的最高点（-17对-20），对未来12个月预期达到了5个月的峰值（-5对-8）。此外，消费者的消费意愿增强至四个月来的最高水平（-19对-21），而对重大购买时机的看法上升至三个月来最高水平（-34对-36）。

The consumer confidence indicator in the Netherlands increased to -32 in July 2025, up from -36 in the previous month. This marked the highest reading since February, as all sub-indices showed improvement. Consumer assessments of the overall economic climate rose to a six-month high (-52 vs -58 in June), while views on the economic situation over the past twelve months strengthened to a five-month high (-59 vs -62). Expectations for the next twelve months also climbed to the highest level in six months (-46 vs -54). Household finance perceptions improved as well, with assessments of the past twelve months reaching a four-month high (-17 vs -20) and expectations for the coming twelve months hitting a five-month peak (-5 vs -8). Additionally, consumer willingness to spend strengthened to its highest level in four months (-19 vs -21), while perceptions regarding the timing of major purchases rose to a three-month high (-34 vs -36).