葡萄牙1个月期国债 (Portugal1M) 加自选

葡萄牙的失业率从5月份向下修正的6.1%降至2025年6月的6.0%，为2022年7月以来的最低水平。失业人数减少530人，至33.55万人，而就业人数增加830人，至522.8万人，为1998年2月以来的最高数字。与此同时，6月份劳动力利用不足率（包括失业人员、劳动力边缘化人员和寻求全职工作的兼职人员）从5月份的10.4%降至10.2%。活动率保持不变，为69.3%。

Portugal’s unemployment rate edged down to 6.0% in June 2025, from a downwardly revised 6.1% in May, marking the lowest level since July 2022. The number of unemployed fell by 5.3 thousand to 335.5 thousand, while employment increased by 8.3 thousand to 5.228 million—the highest figure since February 1998. Meanwhile, the labor underutilization rate—which includes unemployed individuals, those marginally attached to the labor force, and part-time workers seeking full-time employment—declined to 10.2% in June, down from 10.4% in May. The activity rate was unchanged at 69.3%.

初步数据显示，葡萄牙经济在2025年第二季度环比增长0.6%，从今年头几个月向上修正的0.4%的收缩中复苏。净外部需求的贡献较小，因为商品和服务出口在上一季度下降后有所增加。同样，在私人消费增加的推动下，国内需求的积极贡献得到了加强。葡萄牙第二季度国内生产总值同比增长1.9%，高于第一季度向上修正的1.7%。净外部需求的负面贡献不那么明显，反映出商品和服务进口与出口相比急剧放缓。相比之下，由于投资减速，国内需求的积极贡献减弱。

The Portuguese economy expanded 0.6% on quarter in Q2 2025, recovering from an upwardly revised 0.4% contraction in the first tree months of the year, preliminary figures showed. The contribution of net external demand was less negative, as exports of goods and services increased following a decline in the previous quarter. Similarly, the positive contribution from domestic demand strengthened, driven by an increase in private consumption. Year-on-year, the GDP in Portugal grew 1.9% in Q2, above an upwardly revised 1.7% in Q1. The negative contribution of net external demand was less pronounced, reflecting a sharper slowdown in imports of goods and services compared to exports. In contrast, the positive contribution of domestic demand weakened due to a deceleration in investment.

2025年7月，葡萄牙的商业信心升至2.8，创下六个月来的最高水平，也是连续第三个月增长。这一改善主要是由于服务提供商的情绪大幅上升（6月份为12.8比9.4），建筑商和制造商也呈现出积极趋势。然而，贸易商的信心减弱（1.3比2），即批发商（0.2比2）和零售商（2.5比1.9）。

Business confidence in Portugal rose to 2.8 in July 2025, marking the strongest reading in six months and the third consecutive monthly increase. The improvement was mainly driven by a substantial boost in sentiment among service providers (12.8 vs 9.4 in June), with constructors and manufacturers also showing positive trends. However, confidence among traders weakened (1.3 vs 2), namely wholesalers (0.2 vs 2) and retailers (2.5 vs 1.9).

葡萄牙消费者信心指数从上个月下降1.9点，至2025年7月的-15.7，这是连续第二次改善，反映了自2月以来最温和的悲观情绪。去年该国的经济形势（-34.1比6月份的35.6）、大宗购买的机会（-54.3比58.5）、明年家庭的财务状况（-0.4比-2.8）和明年的国家经济背景（-20比21.5）都没有那么悲观。反过来，过去对家庭财务情绪的看法恶化了（-10.7比-9.5）。

The consumer confidence indicator for Portugal fell by 1.9 points from the previous month to -15.7 in July of 2025, a second consecutive improvement, to reflect the softest magnitude of pessimism since February. Less pessimism was noted in the country's economic situation in the last year (-34.1 vs .35.6 in June), the opportunity to make major purchases (-54.3 vs .58.5), households' financial situation in the next year (-0.4 vs -2.8) and the country's economic backdrop in the next year (-20 vs -21.5). In turn, past sentiment on households' financial sentiment worsened (-10.7 vs -9.5).