New reports show that German factories and European shops grew in May. However, some prices went up.

新報告顯示，德國工廠與歐洲商店在五月有所增長。然而，部分價格上漲了。

German factories got more orders in May. They made more planes and ships. But they made fewer cars.

德國工廠在五月收到更多訂單。他們製造了更多飛機與船隻。但製造的汽車減少了。

Prices for factories in Europe went up by 5.9%. This happened because energy costs rose a lot. Bulgaria had the highest price increases.

歐洲工廠的價格上漲了 5.9%。這是因為能源成本大幅上升。保加利亞的價格漲幅最高。

More people bought things in shops. They bought more food and drinks. But they bought less fuel for cars.

更多人在商店購物。他們購買了更多食物與飲料。但購買的汽車燃料減少了。

German factories and shops grew a little. But high energy costs made prices go up.

德國工廠與商店略有增長。但高昂的能源成本導致價格上漲。

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。

Recent statistical releases from Destatis and Eurostat indicate a marginal recovery in German manufacturing orders and a general increase in euro area retail sales and producer prices for May.

Destatis 與 Eurostat 最近公布的統計數據顯示，德國製造業訂單輕微回升，且歐元區五月份的零售銷售與生產者價格全面上升。

German manufacturing exhibited a month-on-month increase in new orders of 1.9%, surpassing the anticipated 1.1% growth. This trajectory was primarily catalyzed by an 85% escalation in the transport equipment sector, specifically concerning aircraft, maritime vessels, and military hardware. While capital, intermediate, and consumer goods all demonstrated positive growth, the automotive sector experienced a 3.8% contraction. Furthermore, although domestic orders rose by 1.3%, a divergence was noted in external demand: euro area orders increased by 11.2%, whereas non-euro area orders declined by 3.2%. Despite these figures, Thomas Gitzel of VP Bank posits that the systemic downsizing of the automotive industry continues to exert deleterious pressure on the mechanical engineering sector.

德國製造業新訂單環比增長 1.9%，超過預期的 1.1%。這一趨勢主因於運輸設備領域飆升 85%，特別是飛機、船舶與軍事裝備。儘管資本財、中間產品與消費品均呈現正成長，但汽車產業則萎縮了 3.8%。此外，雖然國內訂單上升 1.3%，但外部需求出現分歧：歐元區訂單增長 11.2%，而歐元區外訂單則下降 3.2%。儘管如此，VP Bank 的 Thomas Gitzel 指出，汽車工業的系統性縮減規模仍持續對機械工程產業施加不利壓力。

Concurrently, industrial producer prices within the euro area ascended by 5.9% annually, exceeding the projected 5.7%. This inflationary trend was predominantly driven by a 14% surge in energy costs. While intermediate and capital goods prices rose, non-durable consumer goods experienced a marginal annual decline of 0.5%. National variances were pronounced, with Bulgaria recording the highest annual increase at 19.3%, while Luxembourg was the sole member state to report an annual decrease of 3.2%.

與此同時，歐元區工業生產者價格年率上升 5.9%，超過預期的 5.7%。這一通貨膨脹趨勢主因於能源成本激增 14%。儘管中間產品與資本財價格上漲，但非耐用消費品年率輕微下降 0.5%。各國差異顯著，保加利亞年率增幅最高，達 19.3%，而盧森堡是唯一報告年率下降 3.2% 的成員國。

Retail trade volumes in the euro area expanded by 0.2% month-on-month, with an annual increase of 1.6%, slightly exceeding market forecasts. Growth was largely supported by food, beverage, and tobacco sales, which rose by 0.6%. Conversely, automotive fuel sales declined by 0.5%. Geographically, the Greek Cypriot Administration reported the most significant monthly and annual gains, whereas Romania recorded a 4% annual contraction in retail volume.

歐元區零售貿易量環比增長 0.2%，年率增長 1.6%，略高於市場預測。增長主要由食品、飲料與煙草銷售推動，增幅為 0.6%。相反，汽車燃料銷售下降 0.5%。從地理分佈看，塞浦路斯政府報告的月度與年度增幅最為顯著，而羅馬尼亞的零售量則年率萎縮 4%。

The European economic landscape in May was characterized by a rebound in German industrial orders and modest retail growth, offset by persistent producer price inflation driven by energy costs.

五月份的歐洲經濟格局以德國工業訂單回升與溫和的零售成長為特徵，但被能源成本驅動的持續生產者價格通膨所抵消。