（原标题：Ifo报告：德国工业企业竞争力跌至历史新低） 慕尼黑伊福经济研究所（Ifo）公布的调查结果显示，2025年10月36.6%的德国受访企业表示，与欧 盟以外的国家相比，其竞争力有所下降，比例创历史新低。在7月进行的上一次调查比例为24.7%。该 报告还显示，与欧盟成员国相比，竞争力下降的企业比例从12.0%上升至21.5%，同样创下历史新高。 调查认为，德国工业的竞争力已跌至新低，表明结构性问题对工业的影响十分严重。数据显示，所有行 业竞争力均有所下降。能源密集型企业的情况尤为严峻。化工业超过半数的企业表示竞争力有所下降， 电子和光学产品、机械设备制造业比例分别为47%、40%。 ...

Economic Growth - Malaysia's GDP grew by 4.4% year-on-year in Q2, maintaining a steady growth trend despite a complex external environment, slightly below the earlier forecast of 4.5% but above market expectations of 4.3% [1] - Seasonally adjusted GDP increased by 2.1% quarter-on-quarter, significantly higher than the 0.7% growth in Q1, indicating economic resilience [1] Domestic Demand - Strong domestic demand was a key driver of economic growth, with household consumption rising by 5.3% year-on-year and public consumption increasing by 6.4% in Q2 [1] - Government policies, such as raising minimum wages and adjusting civil servant salaries, enhanced consumer purchasing power, contributing to a thriving consumption market [1] - Private and public investments grew by 10.2% and 6.8%, respectively, further supporting economic expansion [1] Sector Performance - The services sector grew by 5.1% year-on-year, driven by active performance in wholesale and retail, as well as food and beverage sub-sectors [2] - Manufacturing sector growth slowed but still achieved a 3.7% year-on-year increase, with electrical, electronic, and optical products showing sustained growth [2] - Agriculture and construction sectors also reported growth rates of 2.1% and 12.1%, respectively [2] Labor Market - Total employment in Malaysia increased by 2.9% year-on-year, reaching 16.86 million, with an unemployment rate stable at 3%, down 5.7% from the previous year [2] - Labor force participation rate rose to 70.8%, indicating a robust labor market that supports household consumption and sustainable economic growth [2] Trade Performance - Despite challenges, Malaysia's trade performance showed some highlights, with a significant 72.6% drop in net exports due to reduced commodity exports, particularly in mining [2] - Strong performance in electrical and electronic product exports partially offset the overall decline in exports [2] - Malaysia's important position in regional supply chains and trade cooperation with other countries provided some buffer against export market pressures [2] Inflation and Monetary Policy - Malaysia's inflation remained moderate in Q2, with the overall inflation rate decreasing from 1.5% in Q1 to 1.3%, and core inflation holding steady at 1.8% [3] - The decline in fuel prices and a slowdown in food price increases were the main reasons for the drop in inflation rates, providing stability for consumer purchasing power and room for monetary policy adjustments [3] - The central bank expects overall inflation to remain moderate, ranging between 1.5% and 2.3% for the year [3] Future Outlook - Analysts predict that Malaysia's economy may face challenges in the second half of the year, with potential further slowdown in exports [3] - However, continued domestic demand growth and stable investment activities are expected to provide some support for the economy [3] - The recovery of the tourism sector and the advancement of infrastructure projects are anticipated to inject new momentum into the economy [3]

Economic Growth - Malaysia's GDP grew by 4.5% year-on-year in Q2, exceeding market expectations and slightly higher than the previous quarter's 4.4% [1] - The growth was primarily driven by strong domestic consumption, with significant contributions from the services and agriculture sectors [1] Sector Performance - The services sector was the main driver of economic growth in Q2, growing by 5.3% compared to 5.0% in Q1, supported by wholesale and retail trade, transportation, and business services [1] - Agriculture showed notable improvement with a 2.0% growth in Q2, up from 0.6% in Q1, largely due to increased palm oil production [1] - The construction industry continued its strong growth, achieving an 11% increase in Q2, despite a slowdown from 14.2% in Q1, driven by non-residential and specialized construction activities [2] - Manufacturing growth slowed to 3.8% in Q2 from 4.1% in Q1, but key sectors like electrical, electronic, and food processing remained robust [2] - The mining and quarrying sector faced challenges, contracting by 7.4% in Q2, worsened from a 2.7% decline in Q1, primarily due to falling oil and gas production [2] Domestic Consumption - Strong domestic consumption was a key factor in Q2 economic growth, supported by a stable labor market and low unemployment rates, which bolstered household spending [2] - Government cash assistance programs, such as SARA and STR, provided additional support to household spending, alleviating economic pressure on families [3] Trade and Policy Challenges - Despite exceeding growth expectations, Malaysia's economy faces challenges from global trade uncertainties, with exports unexpectedly declining by 3.5% in June [3] - Potential tariffs from the U.S. on Malaysian exports, particularly a proposed 25% tariff effective August 1, could significantly impact the export market [3] - The slowdown in major export markets may also affect export demand, alongside domestic policy adjustments that could pressure economic growth [3] Future Outlook - The central bank anticipates a slowdown in economic growth in the second half of the year but expects the annual growth rate to exceed 4.5% [4] - Continued domestic demand growth and government policy support are expected to provide some buffer for the economy [4] - The central bank is closely monitoring trade and tariff developments and is likely to implement further interest rate cuts later in the year to support economic growth [4]