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-5.6微升至2025年10月的-5.4。略有改善的原因是生产预期显著增加（9月份为5.9比3），订单量下降幅度较小（从-13.3降至-12.9）。与此同时，成品库存有所增加（9.2比6.6）。

The seasonally adjusted industry confidence indicator in Spain edged up to -5.4 in October 2025 from -5.6 in the prior month. The slight improvement was driven by a notable increase in production expectations (5.9 vs 3 in September), amid a softer decline in order books ( -12.9 from -13.3). Meanwhile, there was an increase in inventories of finished products (9.2 vs 6.6).

根据初步估计，西班牙的年通货膨胀率从9月份的3%上升到2025年10月的3.1%，为2024年6月以来的最高水平，而市场估计为2.9%。这一增长主要反映了电价比2024年10月更强劲的上涨，以及运输成本的上升，特别是在航空和铁路部门，部分被汽油价格的下跌所抵消。与此同时，不包括食品和能源等波动性成分的核心通胀率在10月份从9月份的2.4%升至2.5%，为10个月来的最高水平。考虑到欧盟的协调，CPI同比上涨3.2%，略高于市场预测的3%。CPI在9月份下降0.3%后，每月上涨0.7%；欧盟协调增长0.5%，而预测增长0.3%。

The annual inflation rate in Spain ticked up to 3.1% in October 2025, the highest since June 2024, from 3% in September, against market estimates of 2.9%, according to preliminary estimates. The uptick primarily reflects stronger increases in electricity prices than in October 2024, as well as higher transport costs, particularly in the air and rail sectors, partially offset by a decrease in petrol prices. Meanwhile, the core inflation rate ,which excludes volatile components like food and energy, rose to 2.5% in October, the highest in ten months, from 2.4% in September. Considering the EU-harmonised, the CPI rose 3.2% on the year, slightly above market forecasts of 3%. Monthly, the CPI went up by 0.7%, after a 0.3% decrease in September; and the EU harmonized rose 0.5%, compared with the forecast of a 0.3% increase.

2025年9月，西班牙零售额同比增长4.2%，略低于8月4.7%的增长，但仍反映了健康的消费支出。经季节性调整的月度数据显示，9月份零售贸易增长0.5%，食品（+0.6%）和非食品（+0.2%）销售额增加。今年迄今为止，西班牙零售销售活动增长了4.3%。

Retail sales in Spain rose 4.2% year-on-year in September of 2025, down slightly from August’s 4.7% increase, but still reflecting healthy consumer spending. On a seasonally adjusted monthly basis, retail trade went up by 0.5% in September, on higher sales of food (+0.6%) and non-food products (+0.2%). Year-to-date, Spanish retail sales activity grew by 4.3%.

据初步估计，截至2025年9月的三个月里，西班牙经济环比增长0.6%，较上一季度的0.8%有所放缓，符合预期。国内需求是增长的主要驱动力，贡献了1.2个百分点，而外部需求减少了0.6个百分点。在需求构成中，家庭消费增长1.2%，政府支出增长1.1%，投资增长1.7%。与此同时，商品和服务出口下降0.6%，进口增长1.1%。在供应方面，工业产出增长0.5%，其中制造业增长0.6%。建筑业和服务业各增长0.8%，而第一产业收缩0.4%。GDP同比增长2.8%，略低于第二季度的3.1%，接近市场预期的3.0%。

The Spanish economy grew 0.6% quarter-on-quarter in the three months to September 2025, easing from 0.8% in the previous quarter and in line with expectations, according to preliminary estimates. Domestic demand was the main driver of growth, contributing 1.2 percentage points, while external demand subtracted 0.6 points. Among demand components, household consumption increased 1.2%, government spending rose 1.1%, and investment expanded 1.7%. Meanwhile, exports of goods and services fell 0.6%, and imports advanced 1.1%. On the supply side, industrial output grew 0.5%, led by a 0.6% rise in manufacturing. Construction and services activity each expanded 0.8%, while the primary sector contracted 0.4%. Year-on-year, GDP increased 2.8%, slightly below 3.1% in the second quarter and close to market expectations of 3.0%.