Recent data from Destatis and Eurostat show a small recovery in German manufacturing orders, as well as a general increase in retail sales and producer prices across the euro area for May.

根據 Destatis 和 Eurostat 的最新數據顯示，德國製造業訂單輕微回升，而歐元區 5 月的零售銷售與生產者價格亦普遍上升。

German manufacturing orders grew by 1.9% compared to the previous month, which was higher than the expected 1.1% growth. This increase was mainly caused by an 85% rise in the transport equipment sector, specifically for aircraft, ships, and military equipment. While most sectors grew, the automotive industry fell by 3.8%. Furthermore, although domestic orders rose by 1.3%, there was a difference in international demand: orders from the euro area increased by 11.2%, whereas orders from outside the euro area dropped by 3.2%. Despite these numbers, Thomas Gitzel from VP Bank emphasized that the ongoing shrinking of the automotive industry continues to put negative pressure on mechanical engineering.

德國製造業訂單較上月成長 1.9%，高於預期的 1.1%。此增長主因在於運輸設備部門（特別是飛機、船舶與軍事設備）大幅成長 85%。雖然大多數部門有所增長，但汽車工業則下跌 3.8%。此外，儘管國內訂單成長 1.3%，但國際需求存在差異：來自歐元區的訂單增加 11.2%，而來自歐元區以外的訂單則下降 3.2%。儘管有這些數據，VP Bank 的 Thomas Gitzel 強調，汽車工業持續萎縮，仍對機械工程造成負面壓力。

At the same time, industrial producer prices in the euro area rose by 5.9% annually, exceeding the predicted 5.7%. This trend was mostly driven by a 14% increase in energy costs. While prices for capital and intermediate goods rose, non-durable consumer goods saw a small annual decrease of 0.5%. There were significant differences between countries; for example, Bulgaria had the highest annual increase at 19.3%, while Luxembourg was the only country to report a decrease of 3.2%.

與此同時，歐元區工業生產者價格按年上升 5.9%，超過預期的 5.7%。此趨勢主要由能源成本增加 14% 所驅動。雖然資本財與中間產品價格上升，但非耐用消費品按年小幅下降 0.5%。各國之間存在顯著差異；例如，保加利亞的按年增幅最高，達 19.3%，而盧森堡是唯一報告下降 3.2% 的國家。

Retail trade volumes in the euro area grew by 0.2% month-on-month and 1.6% annually, which was slightly better than market forecasts. This growth was largely supported by sales of food, beverages, and tobacco, which rose by 0.6%. In contrast, sales of automotive fuel decreased by 0.5%. Geographically, Cyprus reported the strongest gains, whereas Romania saw a 4% annual decline in retail volume.

歐元區零售貿易量環比成長 0.2%，按年成長 1.6%，略好於市場預測。此成長主要受到食品、飲料與煙草銷售（成長 0.6%）的支持。相比之下，汽車燃料銷售下降 0.5%。從地理分布來看，賽普勒斯的增幅最強，而羅馬尼亞的零售量按年下降 4%。

The European economic situation in May was marked by a recovery in German industrial orders and modest retail growth, although these were offset by high producer price inflation caused by energy costs.

5 月歐洲的經濟狀況以德國工業訂單回升與零售輕微成長為特徵，但這些正面因素被能源成本引起的高生產者價格通貨膨脹所抵銷。