摩洛哥CFG25指数 (CasablancaCFG25) 加自选

2025年7月，摩洛哥的年通货膨胀率从6月的12个月低点0.4%加速至0.5%。这是自4月以来的最高水平，主要是由于食品和非酒精饮料价格上涨，与6月份的0.8%相比，上涨了0.9%，是四个月来最大的涨幅。家具（0.8%对0.4%）、酒精饮料和烟草（3.5%对3.4%）以及杂项商品和服务（1.5%对1.4%）的通货膨胀也有所加速。与此同时，住房和公用事业（0.6%）、服装和鞋类（0.7%）、医疗保健（0.2%）和教育（2.3%）的通货膨胀率保持稳定。相比之下，餐馆和酒店的通货膨胀有所缓解（3.4%对3.8%），而交通价格下降速度较慢（-2.9%对-3.4%）。按月计算，7月份消费者价格在6月份上涨0.4%后小幅下跌0.1%。

The annual inflation rate in Morocco accelerated to 0.5% in July 2025, up from June’s 12-month low of 0.4%. It marked the highest rate since April, driven primarily by a rise in food and non-alcoholic beverage prices, which increased by 0.9%—the sharpest gain in four months—compared to 0.8% in June. Inflation also accelerated for furnishings (0.8% vs 0.4%), alcoholic beverages and tobacco (3.5% vs 3.4%), and miscellaneous goods and services (1.5% vs 1.4%). Meanwhile, inflation held steady for housing and utilities (0.6%), clothing and footwear (0.7%), healthcare (0.2%), and education (2.3%). In contrast, inflation eased for restaurants and hotels (3.4% vs 3.8%), while transport prices declined at a slower pace (-2.9% vs -3.4%). On a monthly basis, consumer prices edged down 0.1% in July, following a 0.4% increase in June.

摩洛哥的失业率从去年同期的13.1%降至2025年第二季度的12.8%。这标志着自2023年第二季度以来的最低失业率，失业人数下降了3.8万人，降至159.5万人的六个季度低点，而就业人数增加了5000人，达到1086.3万人的两年高点。与此同时，劳动力减少了3.2万人，降至1245.8万人。年轻人的失业率从36.1%降至35.8%，而毕业生的失业率则从19.4%降至19.0%，男性的失业率也从11.7%降至10.8%。在就业人口中，建筑业增加了7.4万个新工作岗位，服务业创造了3.5万个工作岗位，工业部门贡献了2000个工作岗位。与此同时，农业、林业和渔业部门减少了10.8万个工作岗位。

The unemployment rate in Morocco decreased to 12.8% in Q2 of 2025, down from 13.1% in the same period of the previous year. It marked the lowest jobless rate since Q2 of 2023, as the number of unemployed dropped by 38 thousand to a six-quarter low of 1.595 million, while the number of employed increased by 5 thousand to a two-year high of 10.863 million. Meanwhile, the workforce declined by 32 thousand to 12.458 million. The unemployment rate among young people declined to 35.8% from 36.1%, while it dropped to 19.0% from 19.4% among graduates and declined to 10.8% from 11.7% among men. Among the employed, the construction sector added 74 thousand new jobs, the services sector created 35 thousand, and the industry sector contributed 2 thousand jobs. Meanwhile, the agriculture, forestry, and fishing sectors saw a decline of 108 thousand jobs.

2025年6月，摩洛哥的年通货膨胀率稳定在0.4%，与5月份的一年低点持平。食品和非酒精饮料的价格增长加快（5月份为0.8%对0.4%），而运输的下降速度放缓（-3.4%对-4.3%）。与此同时，几个类别的通货膨胀率没有变化，包括家具（0.4%）、服装和鞋类（0.7%）、医疗保健（0.2%）和教育（2.3%）。然而，酒精饮料和烟草（3.4%对3.5%）、住房和公用事业（0.6%对2.1%）、餐馆和酒店（3.8%对3.9%）以及杂项商品和服务（1.4%对1.5%）的通货膨胀略有缓解。按月计算，6月份消费者价格指数上涨0.4%，从5月份4.0%的跌幅反弹。

The annual inflation rate in Morocco held steady at 0.4% in June 2025, matching May’s one-year low. Price growth accelerated in food and non-alcoholic beverages (0.8% vs 0.4% in May), while the pace of decline slowed in transport (-3.4% vs -4.3%). Meanwhile, inflation was unchanged across several categories, including furnishings (0.4%), clothing and footwear (0.7%), healthcare (0.2%), and education (2.3%). However, inflation eased slightly in alcoholic beverages and tobacco (3.4% vs 3.5%), housing and utilities (0.6% vs 2.1%), restaurants and hotels (3.8% vs 3.9%), and miscellaneous goods and services (1.4% vs 1.5%). On a monthly basis, consumer prices rose 0.4% in June, rebounding from a 4.0% decline in May.

摩洛哥经济在2025年第一季度增长了4.8%，高于2024年第一季度的3%和2024年第四季度的3.7%，这是自2021年第四财季GDP增长近8%以来最强劲的表现。非农业部门增长4.6%，其中第二产业增长4.5%。建筑和公共工程的增长率最高，为6.3%，其次是电力和水，为5%，制造业为3.4%。然而，采矿业的增长明显放缓至6.7%，低于去年同期的19.1%。服务业增长4.7%，高于上年的3.8%，主要受酒店和餐馆（9.7%）、社会和卫生服务（6.2%）、行政服务（5.3%）和零售业（4.3%）的推动。与此同时，农业活动出现了急剧好转，在一年前收缩4.3%后增长了4.5%。农作物产量以4.5%的增长率引领复苏，扭转了5%的下降趋势，而渔业在去年增长10.6%后下降了0.3%。

Morocco’s economy expanded by 4.8% in Q1 2025, up from 3% in Q1 2024 and 3.7% in Q4 2024, marking the strongest performance since Q4 2021 when GDP rose nearly 8%. The non-agricultural sector grew 4.6%, led by a robust 4.5% increase in the secondary sector. Construction and public works posted the highest growth at 6.3%, followed by electricity and water at 5%, and manufacturing at 3.4%. However, the mining sector’s growth moderated significantly to 6.7%, down from 19.1% in the corresponding quarter last year. The services sector grew 4.7%, up from 3.8% the prior year, driven primarily by hotels and restaurants (9.7%), social and health services (6.2%), administrative services (5.3%), and retail trade (4.3%). Meanwhile, agricultural activity saw a sharp turnaround, growing 4.5% after contracting by 4.3% a year ago. Crop production led the recovery with 4.5% growth, reversing a 5% decline, while fishing dipped 0.3% following 10.6% growth last year.