西班牙IBEX35指数 (IBEX35) 加自选

西班牙经季节性调整的行业信心指数从上个月的-5.2微升至2025年7月的-4.9，表明市场情绪略有改善。这一增长是由生产预期的反弹推动的，生产预期从6月份的-1.5升至1.8。然而，订单进一步恶化，从-9.1降至-9.6，成品库存增加，从4.9增至6.8，部分抵消了这一增长，这表明需求方面持续疲软。

Spain’s seasonally adjusted industry confidence indicator edged up to -4.9 in July 2025, from -5.2 in the previous month, signaling a modest improvement in sentiment. The uptick was driven by a rebound in production expectations, which rose to 1.8 from -1.5 in June. However, the gains were partially offset by further deterioration in order books, which fell to -9.6 from -9.1, and an increase in inventories of finished products, up to 6.8 from 4.9, suggesting continued demand-side weakness.

据初步估计，2025年7月，西班牙的年度消费者价格通胀率从6月的2.3%加速至2.7%，略高于市场预期的2.6%。这标志着自2月以来的最高通货膨胀率，主要是由于电价上涨，而2024年7月则有所下降。燃料价格也造成了上涨压力，上涨幅度超过了去年同期。与此同时，核心通胀率（不包括食品和能源等波动性成分）从上月的2.2%微升至2.3%，达到三个月来的最高水平。

Spain’s annual consumer price inflation accelerated to 2.7% in July 2025, up from 2.3% in June and slightly above market expectations of 2.6%, according to a preliminary estimate. This marks the highest inflation rate since February, mainly driven by a rise in electricity prices, in contrast to a decline recorded in July 2024. Fuel prices also contributed to the upward pressure, rising more than they did in the same month last year. Meanwhile, core inflation—which excludes volatile components like food and energy—edged up to 2.3% from 2.2% the previous month, reaching its highest level in three months.

2025年6月，西班牙的零售额同比增长6.2%，为2022年1月以来的最高水平，高于5月份的5%。非食品类商品的销售额从5.2%加速至6.6%，而食品销售额的增长从4.1%加速至5.4%。经季节性调整的月度数据显示，6月份零售贸易增长1.1%，而前一个月增长0.2%。

Retail sales in Spain surged by 6.2% year-on-year in June 2025, the most since January 2022, up from a 5% rise in May. Sales of non-food items accelerated to 6.6% from 5.2%, while food sales growth advanced to 5.4% from 4.1%. On a seasonally adjusted monthly basis, retail trade grew by 1.1% in June, after a 0.2% increase in the previous month.

据初步估计，截至2025年6月的三个月里，西班牙经济环比增长0.7%，略高于上一季度0.6%的增长率，超过了市场预期的0.6%。国内需求对经济增长贡献了0.9个百分点，抵消了外部部门0.1个百分点的拖累。家庭支出增长0.8%，固定资本形成总额飙升2.1%。相比之下，政府支出下降了0.1%。对外方面，出口增长1.1%，进口增长1.7%。在生产方面，工业产出增长0.8%，其中制造业增长1.1%。服务业增长1.2%，建筑业增长1.5%。然而，第一产业大幅萎缩，下降了9.5%。按年度计算，西班牙经济增长了2.8%，与上一季度的增长率相匹配，超过了2.5%的增长预期。

The Spanish economy grew by 0.7% quarter-on-quarter in the three months to June 2025, slightly above the 0.6% expansion in the previous quarter and beating market expectations of 0.6%, according to preliminary estimates. Domestic demand contributed 0.9 percentage points to growth, offsetting a 0.1 percentage point drag from the external sector. Household spending increased by 0.8%, while gross fixed capital formation surged by 2.1%. In contrast, government expenditure declined by 0.1%. On the external front, exports rose by 1.1%, while imports climbed 1.7%. On the production side, industrial output grew by 0.8%, driven by a 1.1% increase in manufacturing. The services sector expanded by 1.2%, and construction activity rose by 1.5%. However, the primary sector contracted sharply, falling by 9.5%. On an annual basis, the Spanish economy expanded by 2.8%, matching the growth rate from the previous quarter and exceeding expectations of a 2.5% increase.