马其顿蓝筹股指数 (MBI10) 加自选

北马其顿的年通货膨胀率从9月份的4.0%上升到2025年10月的4.5%，为三个月来的最高水平。主要的上涨压力来自食品和非酒精饮料价格（9月份为7.0%对4.3%）、住房和公用事业价格（1.8%对1.7%）、娱乐和文化价格（7.8%对7.0%）以及餐馆和酒店价格（5.2%对3.4%）。相反，酒精饮料、烟草和麻醉品（6.7%对9.0%）、服装和鞋类（2.8%对3.0%）、家具、家用设备和维护（4.7%对5.0%）以及杂项商品和服务（3.0%对3.3%）的价格增长放缓。与此同时，运输成本下降了1.4%，扭转了9月份5.7%的增长。按月计算，10月份消费者价格指数下降0.2%，与上月持平。

North Macedonia’s annual inflation rate rose to 4.5% in October 2025, the highest in three months, from 4.0% in September. The main upward pressure came from prices of food and non-alcoholic beverages (7.0% vs 4.3% in September), housing and utilities (1.8% vs 1.7%), recreation and culture (7.8% vs 7.0%), and restaurants and hotels (5.2% vs 3.4%). Conversely, price growth slowed for alcoholic beverages, tobacco, and narcotics (6.7% vs 9.0%), clothing and footwear (2.8% vs 3.0%), furniture, household equipment and maintenance (4.7% vs 5.0%), and miscellaneous goods and services (3.0% vs 3.3%). At the same time, transport costs fell by 1.4%, reversing a 5.7% increase in September. On a monthly basis, consumer prices decreased by 0.2% in October, the same pace as in the previous month.

北马其顿国家银行在2025年11月连续第六次会议将基准利率维持在5.35%，并表示鉴于当前的经济状况，目前的政策立场仍然合适。央行强调了其谨慎的货币政策方针，这得益于最近对存款准备金率的调整、更严格的宏观审慎措施以及减轻系统性风险的措施。这些行动旨在维护汇率和价格稳定，而如果通货膨胀继续缓解，工资压力仍然受到抑制，该行仍准备进一步使政策正常化。北马其顿的年通货膨胀率从上个月的4.4%降至2025年9月的4%，为四个月来的最低水平。与此同时，该国2025年第二季度国内生产总值同比增长3.4%，是三年来最快的经济增长。

The National Bank of North Macedonia maintained its benchmark interest rate at 5.35% for the sixth consecutive meeting in November 2025, stating that the current policy stance remains appropriate given prevailing economic conditions. The central bank emphasized its cautious monetary policy approach, supported by recent adjustments to reserve requirements, tighter macroprudential measures, and steps to mitigate systemic risks. These actions aim to safeguard exchange rate and price stability, while the bank remains prepared to further normalize policy if inflation continues to ease and wage pressures remain subdued. North Macedonia’s annual inflation rate slowed to 4% in September 2025 from 4.4% in the previous month, marking the lowest reading in four months. Meanwhile, the country's GDP grew by 3.4% year-on-year in the second quarter of 2025, the fastest economic expansion in three years.

2025年9月，北马其顿的贸易逆差从去年同期的2.143亿美元扩大到2.973亿美元。出口同比增长10.3%，达到8.217亿美元，而进口增长更快，达到11.19亿美元，增长16.7%。1月至9月期间，该国的贸易逆差达到28.09亿美元。出口总额为66.89亿美元，同比增长5.0%，主要原因是饮料和烟草（增长34.3%）、动植物油、脂肪和蜡（增长28.6%）以及机械和运输设备（增长15.4%）的销售额增加。与此同时，进口额增长6.5%，达到94.98亿美元，主要是由于动植物油、脂肪和蜡（+28.2%）以及饮料和烟草（13.7%）。

North Macedonia’s trade deficit widened to $297.3 million in September 2025 from $214.3 million in the same month of the previous year. Exports grew 10.3% year-on-year to USD 821.7 million, while imports rose at a faster 16.7% to USD 1,119 million. For the January to September period, the country’s trade deficit reached $2,809 million. Exports increased by 5.0% compared to the same period a year earlier, totaling USD 6,689 million, primarily due to higher sales of beverages and tobacco (+34.3%), animal and vegetable oils, fats and waxes (+28.6%), and machinery and transport equipment (+15.4%). Meanwhile, imports rose by 6.5% to USD 9,498 million, mainly due to animal and vegetable oils, fats and waxes (+28.2%), and beverages and tobacco (13.7%).

2025年9月，北马其顿的工业生产同比增长2.7%，从前一个月3.5%的下降反弹。制造业产出显示强劲复苏（8月份为3.1%对-1.4%），而电力、天然气、蒸汽和空调供应的产量下降速度要慢得多（-2.5%对-26.8%）。另一方面，采矿和采石业的产出下降了1.7%，扭转了8月份7%的增长。1月至9月，工业生产比去年同期增长2.3%。

Industrial production in North Macedonia increased by 2.7% year-on-year in September 2025, rebounding from a 3.5% drop in the previous month. Manufacturing output showed a strong recovery (3.1% vs -1.4% in August), while production for electricity, gas, steam, and air-conditioning supply declined at a much slower pace (-2.5% vs -26.8%). On the other hand, output for mining and quarrying decreased by 1.7%, reversing a 7% growth in August. For the January–September period, industrial production was 2.3% higher than in the same period last year.