荷兰25指数 (Holland25) 加自选

Nevi荷兰制造业采购经理人指数从6月份的51.2微升至2025年7月的51.9。这标志着连续第二个月的增长，也是自2024年5月以来的最高增长率，主要是由于新订单，特别是出口订单的强劲增长。与3月份以来的情况一样，产量继续稳步增长。作为回应，企业扩大了员工队伍，创造的就业率达到了2023年3月以来的最高水平。与此同时，积压的工作进一步减少，将目前的枯竭趋势延长到两年半。近三年来，企业还首次增加了对投入品的采购，这导致了自2023年初以来预生产库存的首次增加。然而，平均投入交付周期延长。在价格方面，投入成本和产出费用通胀都加速了，尽管它们仍然受到历史标准的抑制。最后，7月份制造商的全年增长预期有所改善。

The Nevi Netherlands Manufacturing PMI edged up to 51.9 in July 2025 from 51.2 in June. This marked the second straight month of growth and at the sharpest rate since May 2024, mainly driven by stronger growth in new orders, particularly export orders. As has been the case since March, production volumes continued to rise steadily. In response, firms expanded their workforce, with the rate of job creation reaching its highest level since March 2023. At the same time, backlogs of work dropped further, extending the current trend of depletion to two and a half years. For the first time in nearly three years, firms also increased their purchases of inputs, which led the first rise in pre-production inventories since early 2023. However, average input lead times lengthened. On the price front, both input cost and output charge inflation accelerated, though they remained subdued by historical standards. Lastly, manufacturers’ year-ahead growth expectations improved in July.

2025年6月，荷兰零售额同比增长3.3%，高于上个月上调后的2.7%。这标志着零售活动连续第十二个月增长，这得益于食品（5月份为3.6%对2.4%）和非食品（3.1%对2.9%）的销售额增长。食品增长更快，尤其是超市（3.7%对2.2%），而鞋类和皮革制品（1.4%对-7%）和服装（0.6%对-2.1%）的贸易反弹。经季节性调整的月度数据显示，6月份零售活动下降了0.1%，与前一时期向下修正的数字相同。

Retail sales in the Netherlands rose by 3.3% year-on-year in June 2025, accelerating from an upwardly revised 2.7% increase in the previous month. This marked the twelfth consecutive month of growth in retail activity, driven by higher sales of both food (3.6% vs 2.4% in May) and non-food products (3.1% vs 2.9%). Food products rose faster particularly in supermarkets (3.7% vs 2.2%), while trade rebounded for shoes & leather goods (1.4% vs -7%) and clothing (0.6% vs -2.1%). On a seasonally adjusted monthly basis, retail activity fell by 0.1% in June, the same pace as the prior period’s downwardly revised figure.

据初步估计，荷兰的年通货膨胀率从上个月的3.1%降至2025年7月的2.9%。这是自2024年5月以来的最低水平，主要是由于食品、饮料和烟草（4.1%对6月的4.6%）以及服务业（4%对4.4%）的通胀放缓。相比之下，不包括能源和汽车燃料的工业品的价格增长加快（1.4%对0.6%），包括汽车燃料的能源的价格增长也加快（1%对0.5%）。按月计算，7月份消费者价格预计将上涨1.3%，这是自去年同期以来的最大涨幅，从6月份的持平反弹。与此同时，统一消费者价格（用于欧盟比较）预计将同比增长2.5%，低于上一时期的2.8%。

The annual inflation rate in the Netherlands slowed to 2.9% in July 2025 from 3.1% in the previous month, according to preliminary estimates. This marked the lowest reading since May 2024, driven by slower inflation in food, beverages, and tobacco (4.1% vs 4.6% in June), as well as in services (4% vs 4.4%). In contrast, price growth accelerated for industrial goods excluding energy and motor fuels (1.4% vs 0.6%), and for energy including motor fuels (1% vs 0.5%). On a monthly basis, consumer prices are expected to rise 1.3% in July—the sharpest increase since the same month last year—rebounding from a flat reading in June. Meanwhile, harmonized consumer prices (used for EU comparisons) are projected to increase 2.5% year-on-year, down from a 2.8% gain in the prior period.

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.