马其顿蓝筹股指数 (MBI10) 加自选

2025年6月，北马其顿的工业生产同比增长0.5%，与上个月的9.4%相比大幅放缓，这是自2023年10月以来最强劲的增长。制造业（5月份为2%对9%）和采矿和采石业（6.9%对18.8%）的产出增长放缓。与此同时，电力、天然气、蒸汽和空调供应的产量进一步下降（-29.3%对-11.8%）。考虑到今年上半年，工业产出同比增长2.8%。

Industrial production in North Macedonia increased by 0.5% year-on-year in June 2025, easing sharply from a 9.4% rise in the previous month, which was the strongest growth since October 2023. Output growth decelerated for manufacturing (2% vs 9% in May) and mining and quarrying (6.9% vs 18.8%). At the same time, production for electricity, gas, steam, and air conditioning supply declined further (-29.3% vs -11.8%). Considering the first half of the year, industrial output was 2.8% higher compared to the same period a year ago.

2025年6月，马其顿的零售额同比增长13.1%，而前一个月为2.8%。这标志着自2021年8月以来最强劲的增长，因为食品、饮料和烟草的销售额大幅反弹（22.5%对5月份的-0.5%）。与此同时，汽车燃料（8.3%对4.1%）和非食品产品（燃料除外）的销售额增长更快（5.2%对5.1%）。

Retail sales in Macedonia soared by 13.1% year-on-year in June 2025 from 2.8% in the previous month. This marked the strongest growth since August 2021, as sales rebounded significantly for food, beverages and tobacco (22.5% vs -0.5% in May). At the same time, sales increased at a faster pace for automotive fuel (8.3% vs 4.1%) and non-food products, except fuel (5.2% vs 5.1%).

北马其顿共和国国家银行在2025年7月连续第四次会议将基准利率保持在5.35%不变，在高通胀和持续的外部不确定性下保持谨慎的货币立场。6月份，年通货膨胀率升至4.5%，略高于预期，主要原因是食品和核心商品价格上涨。地缘政治紧张局势、贸易壁垒和气候风险继续笼罩着大宗商品价格的前景，增加了通胀的不确定性。经济增长保持稳健，第一季度国内生产总值增长3.0%，第二季度有加速的迹象，建筑、工业和服务业也有所增长。外汇市场保持稳定，储备为47亿欧元，足以维持第纳尔与欧元挂钩。央行的政策组合，包括利率、存款准备金率和宏观审慎工具，仍然侧重于保持中期价格稳定和汇率一致性。

The National Bank of the Republic of North Macedonia kept its benchmark interest rate unchanged at 5.35% for a fourth straight meeting in July 2025, maintaining a cautious monetary stance amid high inflation and persistent external uncertainties. Annual inflation rose to 4.5% in June, slightly above expectations, driven mainly by higher food and core goods prices. Geopolitical tensions, trade barriers, and climate risks continue to cloud the outlook for commodity prices, adding to inflation uncertainty. Economic growth remained solid, with GDP expanding 3.0% in Q1 and signs of acceleration in Q2, supported by gains in construction, industry, and services. The foreign exchange market stayed stable, underpinned by €4.7 billion in reserves—adequate to sustain the denar’s peg to the euro. The central bank’s policy mix, including interest rates, reserve requirements, and macroprudential tools, remains focused on preserving medium-term price stability and exchange rate alignment.

北马其顿的年度生产者通胀率从上个月的6.1%降至2025年5月的5.8%。这是自2024年11月以来的最低水平，因为不包括能源（4月份为0.5%对2.1%）和资本货物（13.4%对13.8%）在内的中间产品价格有所放缓。与此同时，能源（17.4%对16.9%）和消费品（4.9%对3.9%）的成本加速增长，尤其是耐用品（0.4%）和非耐用品（5.2%）。按月度计算，2025年5月生产者价格指数上涨0.4%，从前一个月0.2%的跌幅反弹。

The annual producer inflation in North Macedonia eased to 5.8% in May 2025, from 6.1% in the previous month. This marked the lowest reading since November 2024, as prices moderated for intermediate goods excluding energy (0.5% vs 2.1% in April) and capital goods (13.4% vs 13.8%). Meanwhile, costs accelerated for energy (17.4% vs 16.9%) and consumer goods (4.9% vs 3.9%), particularly for durable goods (0.4%) and non-durable goods (5.2%). On a monthly basis, producer prices rose 0.4% in May 2025, rebounding from a 0.2% fall in the preceding month.