利时BEL20指数 (EuronextBEL20) 加自选

2025年9月，比利时的生产者价格通胀率为0.4%，从前一个月的停滞中获得动力，标志着自2月以来最快的价格增长速度。中间产品价格反弹（8月份为0.4%对-0.2%），能源价格下跌速度较慢（-0.5%对-2.1%）。反过来，消费品（0.5%对0.9%）和资本品（1.3%对1.5%）的通胀放缓。与上月相比，比利时生产者价格指数基本保持不变。

The producer price inflation in Belgium was at 0.4% in September of 2025, gaining traction from the stall in the previous month to mark the sharpest pace of price growth since February. Prices rebounded for intermediate goods (0.4% vs -0.2% in August) and fell at a slower pace for energy (-0.5% vs -2.1%). In turn, inflation slowed for consumer goods (0.5% vs 0.9%) and capital goods (1.3% vs 1.5%). From the previous month, the Belgian producer price index was loosely unchanged.

比利时的年通货膨胀率从上个月的2.12%略微降至2025年10月的2%，主要原因是食品和非酒精饮料价格放缓（2.79%对9月的3.38%）；酒精饮料和烟草（2.10%对3.31%）以及家具和家用设备（3.44%对4.32%）。另一方面，价格上涨主要集中在餐馆和酒店（4.38%对3.91%）和教育（2.39%对1.61%）。按月计算，消费者价格指数在上个月下降0.3%后，上涨了0.36%。

Belgium’s annual inflation rate eased slightly to 2% in October 2025 from 2.12% in the previous month, mainly due to slowing prices for food & non-alcoholic beverages (2.79% vs 3.38% in September); alcoholic beverages & tobacco (2.10% vs 3.31%) and furnishings & household equipment (3.44% vs 4.32%). On the other hand, prices accelerated mostly for restaurants & hotels (4.38% vs 3.91%) and education (2.39% vs 1.61%). On a monthly basis, consumer prices rose by 0.36%, after decreasing by 0.3% in the prior month.

据初步估计，比利时2025年第三季度国内生产总值环比增长0.3%，比上一季度的0.2%略有加快。扩张范围广泛，工业增长0.2%，建筑业增长1.3%，服务业增长0.4%。按年度计算，经济增长1.1%，高于第二季度的1.0%。

Belgium’s GDP rose 0.3% quarter-on-quarter in Q3 2025, slightly accelerating from 0.2% in the previous quarter, according to a preliminary estimate. The expansion was broad-based, with industry up 0.2%, construction rising 1.3%, and services increasing 0.4%. On an annual basis, the economy expanded 1.1%, up from 1.0% in Q2.

比利时的商业信心指数从9月的-7.9下降到2025年10月的-9.1，下降了1.2点，低于市场共识的-7.8，自4月以来基本呈上升趋势。这一下降是由商业相关服务业的逆转推动的（-3.9对9月的0.1），对当前活动的乐观情绪被对未来商业和整体市场需求的预期减弱所抵消。制造业信心（-11.2 vs-10.4）在需求预测疲软的情况下小幅下降，尽管就业仍有望上升。由于订单减少，建筑业（-5.9对-5.8）也略有下降，但订单簿保持正常，预计需求将恢复。相比之下，对贸易部门的信心（-6.1对-7.2）连续第二个月有所改善，因为对订单和需求的更强劲预期超过了对就业更悲观的前景。

Belgium’s business confidence index fell 1.2 points to -9.1 in October 2025, down from -7.9 in September and below the market consensus of -7.8, after largely trending upwards since April. The decline was driven by a reversal in the business-related services sector (-3.9 vs 0.1 in September), where optimism about current activity was offset by weaker expectations for future business and overall market demand. Manufacturing (-11.2 vs -10.4) confidence edged down amid soft demand forecasts, though employment is still expected to rise. The building industry (-5.9 vs -5.8) also saw a marginal dip due to lower orders, but order books remain normal and demand is expected to recover. In contrast, confidence in the trade sector (-6.1 vs -7.2) improved for a second consecutive month, as stronger expectations for orders and demand outweighed a more pessimistic outlook for employment.