摩洛哥CFG25指数 (CasablancaCFG25) 加自选

2025年第三季度，摩洛哥的失业率从去年同期的13.6%降至13.1%。失业人数下降了54000人，至163万人，而就业人数增加了167000人，至1083万人。与此同时，劳动力增加了11.2万人，达到1246万人。年轻人的失业率从39.5%降至38.4%，而毕业生的失业率则从19.8%降至19.0%，男性的失业率也从13.0%降至10.6%。在就业人口中，建筑业增加了9万个新工作岗位，服务业创造了9.4万个工作岗位，工业部门贡献了2.9万个工作职位。相比之下，农业、林业和渔业减少了47000个工作岗位。

The unemployment rate in Morocco decreased to 13.1% in Q3 2025, down from 13.6% in the same period a year earlier. The number of unemployed fell by 54,000 to 1.63 million, while employment increased by 167,000 to 10.83 million. Meanwhile, the labor force grew by 112,000 to 12.46 million. The unemployment rate among young people declined to 38.4% from 39.5%, while it fell to 19.0% from 19.8% among graduates and to 10.6% from 13.0% among men. Among the employed, the construction sector added 90,000 new jobs, the services sector created 94,000, and the industrial sector contributed 29,000. In contrast, agriculture, forestry, and fishing saw a decline of 47,000 jobs.

2025年9月，摩洛哥的年通货膨胀率从8月份的16个月低点0.3%略微加速至0.4%。这一增长主要是由于食品和非酒精饮料（8月份为0.4%对0.2%）和家具（0.8%对0.6%）的价格上涨加快。住房和公用事业（0.6%）、医疗保健（0.2%）、餐馆和酒店（2.9%）以及服装和鞋类（0.9%）的通货膨胀率保持稳定。然而，杂项商品和服务（1.4%对1.6%）、教育（2.1%对2.3%）以及酒精饮料和烟草（3.4%对3.5%）的通货膨胀有所缓和。相比之下，运输价格与上月持平，下跌2.4%。核心通胀率（不包括波动的价格和受公共关税影响的产品）从8月份的0.7%降至9月份的0.3%，为2020年11月以来的最低水平。按月计算，9月份CPI上涨0.2%，低于8月份0.5%的涨幅，8月份是7个月来最快的月度涨幅。

The annual inflation rate in Morocco accelerated slightly to 0.4% in September 2025, up from August’s 16-month low of 0.3%. The increase was mainly driven by faster price rises in food and non-alcoholic beverages (0.4% vs 0.2% in August) and furnishings (0.8% vs 0.6%). Inflation remained steady for housing and utilities (at 0.6%), healthcare (at 0.2%), restaurants and hotels (at 2.9%), and clothing and footwear (at 0.9%). However, inflation moderated in miscellaneous goods and services (1.4% vs 1.6%), education (2.1% vs 2.3%), and alcoholic beverages and tobacco (3.4% vs 3.5%). In contrast, transport prices declined at the same rate as the previous month, falling 2.4%. Core inflation, which excludes volatile prices and products subject to public tariffs, fell to 0.3% in September from 0.7% in August, marking its slowest pace since November 2020. On a monthly basis, CPI rose by 0.2% in September, slowing from a 0.5% increase in August, which was the fastest monthly gain in seven months.

2025年第二季度，摩洛哥经济显著增长5.5%，高于第一季度的4.8%和去年同期的2.4%。这是自2021年第四季度以来最强劲的经济表现，主要得益于非农业活动（+5.5%）。其中，第二产业增长7.4%，主要受电力、天然气、水、卫生和废物处理（8.9%）、制造业（6.9%）以及建筑和公共工程（6.7%）的推动。第三产业增长4.8%，其中酒店和餐馆（10.5%）、公共行政和社会保障（4.8%）以及贸易和汽车维修（4.4%）领涨。与此同时，农业部门增长了4.7%，而渔业活动收缩了7.7%。

Morocco’s economy grew by a notable 5.5% in Q2 2025, up from 4.8% in Q1 and 2.4% in the same period a year ago. This was the strongest economic performance since Q4 2021, mainly boosted by non-agricultural activities (+5.5%). Within this, the secondary sector grew 7.4%, driven by electricity, gas, water, sanitation, and waste treatment (8.9%), manufacturing (6.9%), and construction and public works (6.7%). The tertiary sector rose 4.8%, led by hotels and restaurants (10.5%), public administration and social security (4.8%), and trade and vehicle repair (4.4%). At the same time, the agricultural sector grew 4.7%, while fisheries activities contracted by 7.7%.

标准普尔全球评级于2025年9月26日将摩洛哥的主权信用评级从“BB+”上调至“BBB-”，前景稳定，理由是该国对疫情、贸易和供应链冲击的抵御能力。该机构指出，结构性改革和健全的宏观经济政策加强了公共财政，使经济多样化。此次升级恢复了摩洛哥在2021年新冠肺炎疫情期间失去的投资级评级，使其成为唯一拥有这一地位的非洲主权欧元债券发行人。根据该机构的数据，该国今年预计将增长约4.6%，通货膨胀率在2023年超过10%后降至1%以下。到2026年，预算赤字预计将缩小到GDP的3%，支持逐步减少债务，而到2025-28年，经常账户赤字预计将平均占GDP的2.1%。穆迪对摩洛哥的信用评级最后被定为Ba1，前景稳定。

S&P Global Ratings raised Morocco's sovereign credit rating to 'BBB-' from 'BB+' with a stable outlook on September 26, 2025, citing the country’s resilience to pandemic, trade, and supply-chain shocks. The agency noted that structural reforms and sound macroeconomic policies have strengthened public finances and diversified the economy. The upgrade restores Morocco’s investment-grade rating, lost in 2021 amid the Covid-19 pandemic, making it the only African sovereign Eurobond issuer with this status. According to the agency, the country is projected to grow about 4.6% this year, with inflation falling below 1% after exceeding 10% in 2023. The budget deficit is expected to narrow to 3% of GDP in 2026, supporting gradual debt reduction, while the current account deficit is projected to average 2.1% of GDP through 2025-28. Moody's credit rating for Morocco was last set at Ba1 with stable outlook.