摩洛哥CFG25指数 (CasablancaCFG25) 加自选

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.

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The National Bank of Morocco kept its benchmark interest rate steady at 2.25% during its regular meeting on June 24, following a 25 bps reduction in March. The Board emphasized a continued disinflationary trend and stable inflation expectations alongside accelerating economic activity. Inflation has notably slowed, falling from an average of 2% in Q1 to 0.7% in April and 0.4% in May, mainly on account of slower food prices. Inflation is now projected to average around 1% by the end of 2025, before rising to 1.8% in 2026, with core inflation expected to follow a similar path. Meanwhile, policymakers noted a strong acceleration in non-agricultural activity, driven by infrastructure investment, which is expected to continue over the medium term. Bank Al-Maghrib projects growth to accelerate to 4.6% in 2025 and moderate slightly to 4.4% in 2026, up from previous estimates of 3.9% and 4.2%, respectively.

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The National Bank of Morocco kept its benchmark interest rate steady at 2.25% during its regular meeting on June 24, following a 25 bps reduction in March. The Board emphasized a continued disinflationary trend and stable inflation expectations alongside accelerating economic activity. Inflation has notably slowed, falling from an average of 2% in Q1 to 0.7% in April and 0.4% in May, mainly on account of slower food prices. Inflation is now projected to average around 1% by the end of 2025, before rising to 1.8% in 2026, with core inflation expected to follow a similar path. Meanwhile, policymakers noted a strong acceleration in non-agricultural activity, driven by infrastructure investment, which is expected to continue over the medium term. Bank Al-Maghrib projects growth to accelerate to 4.6% in 2025 and moderate slightly to 4.4% in 2026, up from previous estimates of 3.9% and 4.2%, respectively.