保加利亚SOFX指数 (SOFIX) 加自选

保加利亚经济在2025年第一季度同比增长3.1%，证实了初步估计，并从上一季度3.4%的两年高点略有回落。经济放缓主要是由于净贸易的负面贡献，出口进一步下降（第四季度为-3.2%对-1.7%），而进口增长速度更快（4.6%对2.2%）。与此同时，国内需求表现出更强劲的势头，最终消费增长从第四季度的5.8%加速至7.2%，反映出家庭和政府支出的弹性。固定资本形成总额也显著改善，与之前的1.4%相比增长了7.9%。按季度计算，经济增长了0.6%，低于前三个月0.9%的增长率。

Bulgaria’s economy expanded by 3.1% year-on-year in the first quarter of 2025, confirming preliminary estimates and easing slightly from a two-year high of 3.4% in the previous quarter. The slowdown was largely driven by a negative contribution from net trade, as exports declined further (-3.2% vs. -1.7% in Q4), while imports rose at a faster pace (4.6% vs. 2.2%). Meanwhile, domestic demand showed stronger momentum, with final consumption growth accelerating to 7.2% from 5.8% in Q4, reflecting resilient household and government spending. Gross fixed capital formation also improved markedly, rising by 7.9% compared to 1.4% previously. On a quarterly basis, the economy expanded by 0.6%, easing from the 0.9% growth recorded in the previous three-month period.

2025年4月，保加利亚的零售额同比增长2.4%，较上月5.4%的增长有所放缓。减速是由于食品、饮料和烟草销售（3月份为0.1%对0.5%）以及包括燃料在内的非食品产品（4%对8.3%）的增长疲软。在非食品类商品中，纺织品、服装和鞋类（6.3%对10.3%）以及音频和视频设备（6.7%对10.7%）的销售增长明显放缓。与此同时，计算机、外围设备和软件的贸易下降（-4.2%对11.6%）。按月计算，零售额增长0.6%，低于3月份向上修正的1.4%的增长。

Retail sales in Bulgaria rose 2.4% year-on-year in April 2025, slowing from a 5.4% increase in the previous month. The deceleration was due to weaker growth in both food, beverages, and tobacco sales (0.1% vs 0.5% in March), and non-food products including fuel (4% vs 8.3%). Within non-food items, sales growth notably slowed for textiles, clothing, and footwear (6.3% vs 10.3%), as well as audio and video equipment (6.7% vs 10.7%). Meanwhile, trade declined for computers, peripheral units, and software (-4.2% vs 11.6%). On a monthly basis, retail sales rose 0.6%, easing from an upwardly revised 1.4% gain in March.

保加利亚的商业信心指数从前一个月的19.3降至2025年5月的18.2。不确定的经济环境（4月份为45.9比51.6）和持续的劳动力短缺（36.7比29.4）仍然是企业发展的主要障碍。此外，工业企业家对当前的商业环境表示不太乐观（17.8比29.1）。然而，受访者总体上仍然乐观，对未来六个月的业务前景（18.7比10.2）和未来三个月的活动（18.9比7）的预期都有所改善。与此同时，受访者认为当前的生产活动是有利的（4.8比4.7）。

Bulgaria’s business confidence indicator fell to 18.2 in May 2025 from 19.3 in the previous month. The uncertain economic environment (45.9 vs 51.6 in April) and persistent labour shortages (36.7 vs 29.4) continued to be the primary obstacles to business development. Moreover, industrial entrepreneurs expressed less optimism regarding the current business climate (17.8 vs 29.1). However, respondents remain optimistic overall, with improved expectations for both the business outlook over the next six months (18.7 vs 10.2) and activity over the next three months (18.9 vs 7). At the same time, respondents viewed current production activity as favorable (4.8 vs 4.7).

2025年4月，保加利亚生产者价格指数同比上涨12.3%，低于上个月17.4%的两年多来的高点。这标志着生产者价格连续第六个月上涨，尽管增速放缓，因为所有子指数的成本都有所放缓，即：；采矿和采石（239%对32.7%）、电力、天然气、蒸汽和空调供应（39.4%对52.9%）以及制造业（8.7%对11.3%）。按月计算，4月份生产者价格指数下降4.4%，较前一时期0.5%的跌幅进一步下滑。

Producer prices in Bulgaria advanced by 12.3% year-on-year in April 2025, slowing from an over two-year high of 17.4% in the previous month. This marked the sixth consecutive month of increase in producer prices albeit at softer pace, as costs moderated for all sub indices, namely; mining and quarrying (239% vs 32.7%), electricity, gas, steam and air-conditioning supply (39.4% vs 52.9%), and manufacturing (8.7% vs 11.3%). On a monthly basis, producer prices dropped 4.4% in April, slipping further from a 0.5% fall in the preceding period.