葡萄牙20年期国债 (Portugal20Y) 加自选

2025年6月，葡萄牙的零售额同比增长6.9%，而5月份的增长率为5.3%。非食品类销售额增长更快（7.6%对4.4%），包括燃料（3%对-0.2%）、家居用品（7.5%对1.1%）、药品和化妆品（8.2%对6.2%）。食品、饮料和烟草的销售额也有所增长（6%对6.7%）。不包括燃料，葡萄牙的零售额增长了7.4%。与上月相比，零售额增长了1.8%。

Retail sales in Portugal increased 6.9% year-on-year in June 2025, compared to an upwardly revised 5.3% rise in May. Sales went up faster for non-food (7.6% vs 4.4%), including fuels (3% vs -0.2%), household goods (7.5% vs 1.1%), pharmaceuticals and cosmetics (8.2% vs 6.2%). Sales also went up for food, drinks and tobacco (6% vs 6.7%). Excluding fuel, retail sales in Portugal increased 7.4%. Compared to the previous month, retail sales went up 1.8%.

据初步估计，葡萄牙的年通货膨胀率从6月份的2.4%上升到2025年7月的2.6%。这标志着自去年12月以来的最高水平，主要是由于食品价格的急剧上涨。未加工食品通胀加速至6.2%（从4.7%），而加工食品价格上涨1.3%（与6月份持平）。相比之下，能源价格下跌了1.1%（对-1.3%）。不包括能源和未加工食品成分的核心通胀指数保持不变，为2.4%，与上月持平。与此同时，欧盟统一消费者价格指数（HICP）从2.1%攀升至2.5%。

The annual inflation rate in Portugal rose to 2.6% in July 2025 from 2.4% in June, according to a preliminary estimate. This marks the highest level since December, largely driven by a sharp increase in food prices. Unprocessed food inflation accelerated to 6.2% (from 4.7%), while processed food prices rose by 1.3% (the same as in June). In contrast, energy prices fell by 1.1% (vs -1.3%). The core inflation index, which excludes energy and unprocessed food products components was unchanged at 2.4%, the same as in the previous month. Meanwhile, the EU-harmonized index of consumer prices (HICP) climbed to 2.5% from 2.1%.

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.