葡萄牙2年期国债 (Portugal2Y) 加自选

葡萄牙的生产者价格指数在2025年8月同比下降4.3%，这是自2023年11月以来的最大跌幅，此前7月份下降了3.7%。减少的主要原因是化学纸浆、纸张和纸板产品以及电力。中间产品（-4.9%对-3.9%）、能源（-9.1%对-7.5%）和非耐用消费品（-4.4%对-4.3%）的价格也有所下降。不包括能源，工业生产价格下降了3.3%（在-2.9%之后）。相比之下，投资品（1.9%对1.8%）和耐用品（1.8%对1.8%）的价格上涨。8月份PPI环比下降0.6%，为三个月来首次下降。

Producer prices in Portugal fell by 4.3% year-on-year in August 2025, the sharpest drop since November 2023, following a 3.7% decline in July. The decrease was mainly driven by chemical pulp, paper and cardboard products, and electricity. Prices also fell for intermediate goods (-4.9% vs -3.9%), energy (-9.1% vs -7.5%), and non-durable consumer goods (-4.4% vs -4.3%). Excluding energy, industrial production prices declined by 3.3% (after -2.9%). By contrast, prices rose for investment goods (1.9% vs 1.8%) and durable goods (1.8% vs 1.8%). On a monthly basis, the PPI decreased by 0.6% in August, marking the first decline in three months.

葡萄牙的年通货膨胀率从7月份的2.6%上升到2025年8月的2.8%，为2024年12月以来的最高水平。这一增长是由食品价格推动的，食品价格上涨了4.0%，这是自2023年10月以来的最快速度，此外还有运输成本（2.1%对1.8%）和餐馆和酒店成本（7.7%对7.5%）的上涨。住房通胀率稳定在2.2%，而杂项商品和服务价格从2.1%降至1.9%。不包括食品和能源在内的核心通胀率从2.5%略微降至2.4%。与此同时，8月份欧盟统一消费者价格指数（HICP）上涨2.5%，仍高于欧洲央行2%的目标。

Portugal’s annual inflation rate rose to 2.8% in August 2025 from 2.6% in July, the highest since December 2024. The increase was driven by food prices, which climbed 4.0%—their fastest pace since October 2023—along with higher costs for transport (2.1% vs. 1.8%) and restaurants and hotels (7.7% vs. 7.5%). Housing inflation held steady at 2.2%, while prices for miscellaneous goods and services slowed to 1.9% from 2.1%. Core inflation, excluding food and energy, eased slightly to 2.4% from 2.5%. Meanwhile, the EU-harmonized consumer price index (HICP) advanced 2.5% in August, remaining above the European Central Bank’s 2% target.

葡萄牙的贸易逆差从一年前的21.2亿欧元扩大到2025年7月的32.93亿欧元，因为进口增加，而出口大幅下降。进口增长2.8%，主要受工业供应（+8.1%）的推动，尤其是来自爱尔兰的化学产品，但不包括加工交易，进口略有下降（-0.8%）。运输设备（+15.2%），尤其是德国汽车，以及主要来自西班牙的消费品（+9.3%）也有所上涨。相比之下，由于原油价格和数量下降，燃料进口下降了29.4%。来自爱尔兰的进口激增76.3%（不包括加工），而西班牙增长6.1%。出口下降11.3%，主要是工业用品（-29.3%），尤其是对德国和美国的化学品，但不包括加工品，出口小幅增长0.4%。运输设备出口增长17.8%，缓冲了下滑。对德国（-46.4%）和美国（-37.1%）的出口大幅下降，主要是化学品。2025年5月至7月季度，进口增长6.6%，出口下降3.4%。

Portugal's trade deficit widened to €3.293 billion in July 2025 from €2.12 billion a year earlier, as imports rose while exports fell sharply. Imports grew 2.8%, driven by industrial supplies (+8.1%), especially chemical products from Ireland, though excluding processing transactions they fell slightly (-0.8%). Transport equipment (+15.2%), notably German cars, and consumer goods (+9.3%), mainly from Spain, also rose. In contrast, fuel imports dropped 29.4% due to lower crude oil prices and volumes. Imports from Ireland surged 76.3% (or 9.4% excluding processing), while Spain grew 6.1%. Exports fell 11.3%, led by industrial supplies (-29.3%), especially chemicals to Germany and the US, though excluding processing these edged up 0.4%. Transport equipment exports rose 17.8%, cushioning the decline. Exports to Germany (-46.4%) and the US (-37.1%) plunged, largely in chemicals. For the May–July 2025 quarter, imports rose 6.6% while exports fell 3.4%.

继上个月上调3%后，葡萄牙工业生产在2025年7月同比增长2.3%。这标志着工业活动在能源的支持下连续第三个月温和增长（6月份为16.1%对20%）；资本货物（3%对1.6%）和中间货物（2.5%对-0.4%）。然而，消费品产量下降（-4.1%对0.7%）。不包括能源板块，该指数上涨0.1%，低于上月的0.5%。按月计算，7月份工业产出在前一个月修正后下降3.7%后，下降了1.5%。

Industrial production in Portugal rose by 2.3% year-on-year in July 2025, following an upwardly revised 3% increase in the prior month. This marked the third consecutive month of modest growth in industrial activity, supported by energy (16.1% vs 20% in June); capital goods (3% vs 1.6%) and intermediate goods (2.5% vs -0.4%). However, production declined for consumer goods (-4.1% vs 0.7%). Excluding the Energy group, the index increased by 0.1%, down from 0.5% in the previous month. On a monthly basis, industrial output shrank by 1.5% in July, after a revised 3.7% decline in the preceding month.