葡萄牙3年期国债 (Portugal3Y) 加自选

由于未加工食品（4.01%）、加工食品（1.11%）和能源（0.11%）的价格上涨，葡萄牙的年通货膨胀率在2025年5月被确认为2.3%的三个月高点，高于4月的2.1%。按支出类别划分，同比增幅最大的是餐馆和酒店（6.14%）、住房和公用事业（4.16%）、食品和非酒精饮料（2.55%）、娱乐和文化（3.72%）以及教育（3.41%）。不包括能源和未加工食品成分的核心通胀指数为2.2%，略低于初步的2.3%，但高于4月份的2.1%。按月计算，5月份消费者价格指数上涨0.3%，略低于早先估计的0.4%，此前一个月上涨了0.7%。

The annual inflation rate in Portugal was confirmed at a three-month high of 2.3% in May of 2025, up from 2.1% in April, amid increases in prices of unprocessed food (4.01%), processed food (1.11%), and energy (0.11%). By expenditure category, the largest year-on-year increases were seen in restaurants and hotels (6.14%), housing and utilities (4.16%), food and non-alcoholic beverages (2.55%), recreation and culture (3.72%), and education (3.41%). The core inflation index, excluding energy and unprocessed food components, came in at 2.2%, slightly below the preliminary 2.3%, yet higher than April’s 2.1%. On a monthly basis, consumer prices rose 0.3% in May, slightly below the earlier estimate of 0.4% and following a 0.7% increase in the prior month.

PSI 20指数升至7518.00点的11年高点。在过去的4周里，PSI 20上涨了5.2%，在过去的12个月里，它上涨了12.29%。

PSI 20 increased to a 11-year high of 7518.00 Index Points. Over the past 4 weeks, PSI 20 gained 5.2%, and in the last 12 months, it increased 12.29%.

葡萄牙的贸易逆差从一年前的24亿欧元扩大到2025年4月的30.2亿欧元，创下历史第三大缺口。出口下降5.7%，至64.7亿欧元，其中燃料和润滑油出口大幅下降32.9%，导致广泛下降。在主要贸易伙伴中，对西班牙的出口显著下降（-3.1%），主要是由于工业供应减少；荷兰（-15.6%），燃料、润滑油和工业供应大幅下降；意大利（-9.5%），主要反映了运输设备的暴跌。与此同时，进口增长2.4%，达到94.9亿欧元。爱尔兰是一个突出的贡献者，其进口激增792.2%，主要是由于工业供应，尤其是化学产品，主要与不涉及所有权转让的合同制造交易有关。考虑到1月至4月，贸易逆差增至92.7亿欧元，而2024年同期为83.6亿欧元。

Portugal’s trade deficit widened to €3.02 billion in April 2025, up from €2.40 billion a year earlier, marking the third largest gap on record. Exports declined by 5.7% to €6.47 billion, with broad-based decreases led by a sharp 32.9% drop in fuel and lubricant exports. Among major trading partners, notable declines were recorded in exports to Spain (-3.1%), mainly due to lower industrial supplies; the Netherlands (-15.6%), driven by steep falls in fuels, lubricants, and industrial supplies; and Italy (-9.5%), largely reflecting a plunge in transport equipment. Meanwhile, imports rose 2.4% to €9.49 billion. A standout contributor was Ireland, where imports surged by 792.2%, primarily due to industrial supplies—especially chemical products—linked largely to contract manufacturing transactions that do not involve a transfer of ownership. Considering January to April, the trade deficit increased to €9.27 billion, compared with €8.36 billion in the same period of 2024.

葡萄牙零售贸易增长在2025年4月同比放缓至2.1%，低于3月份的4.0%，因为几个类别的势头减弱。食品销售额增长略有放缓，从6.6%降至6.0%，而非食品销售额在上个月增长3.6%后下降了0.5%。在非食品领域，服装和鞋类销售额暴跌11.6%（下降4.9%），在线销售额下降8.6%（下降11.7%）。药品销售额的增长速度也较慢，与3月份的5.7%相比，增长了4.6%。与此同时，燃料销售下降0.8%，较上月2.9%的下降有所缓和。4月份零售额环比下降0.2%，3月份下降0.6%。

Portugal’s retail trade growth slowed to 2.1% year-on-year in April 2025, down from 4.0% in March, as momentum weakened across several categories. Food sales growth eased slightly to 6.0% (from 6.6%), while non-food sales declined by 0.5% following a 3.6% increase in the previous month. Within the non-food segment, clothing and footwear sales plunged 11.6% (vs. a 4.9% decline), and online sales fell 8.6% (vs. 11.7%). Sales of pharmaceutical products also grew at a slower pace, rising 4.6% compared to 5.7% in March. Meanwhile, fuel sales declined 0.8%, softening from a 2.9% drop in the prior month. On a monthly basis, retail sales fell 0.2% in April, following a 0.6% decrease in March.