摩洛哥CFG25指数 (CasablancaCFG25) 加自选

2025年3月，摩洛哥的年通货膨胀率从2月份的15个月高点2.6%降至1.6%。这标志着自去年12月以来最疲软的步伐，食品和非酒精饮料的涨幅是三个月来最低的（2.3%对2月份的4.7%）。此外，服装和鞋类（1.0%对1.1%）、杂项商品和服务（1.7%对1.8%）以及酒精饮料和烟草（2.3%对2.9%）的价格有所放缓。此外，交通（-2.4%对-1.7%）和娱乐文化（-0.5%对-0.1%）的成本下降速度更快。按月计算，3月份消费者价格指数下降0.3%，这是三个月来的首次月度下降，扭转了2月份0.3%的涨幅。

The annual inflation rate in Morocco slowed to 1.6% in March 2025 from February's 15-month high of 2.6%. This marked the softest pace since last December, with food and non-alcoholic beverages rising the least in three months (2.3% vs 4.7% in February). Also, prices moderated for clothing and footwear (1.0% vs 1.1%), miscellaneous goods and services (1.7% vs 1.8%), and alcoholic beverages and tobacco (2.3% vs 2.9%). Additionally, costs declined at a faster pace for transport (-2.4% vs -1.7%) and recreation and culture (-0.5% vs -0.1%). On a monthly basis, consumer prices fell by 0.3% in March, the first monthly decline in three months, reversing a 0.3% rise in February.

2024年第四季度，摩洛哥的国内生产总值同比增长3.7%，此前三个月增长了4.3%，这是自2021年第四财季以来的最快增长。家庭消费增长4.1%，政府支出增长4.8%，固定投资激增15.3%。与此同时，净外部需求对GDP增长产生了负面影响，出口增长9.2%，进口增长15.6%。在生产方面， 非农业活动增长4.4%，工业生产增长4.9%，主要得益于采掘业（6.5%）、制造业（3.7%）、建筑业（7%）和公用事业（5.7%）的增长。服务业增长4.2%，主要受旅游业推动，酒店和餐馆增长12.8%。另一方面，农业部门收缩了4.9%。

Morocco's GDP expanded by 3.7% year-on-year in Q4 2024, following a 4.3% rise in the previous three-month period, which was the fastest growth since Q4 2021. Household consumption grew by 4.1%, government spending rose by 4.8%, and fixed investment surged by 15.3%. Meanwhile, net external demand contributed negatively to the GDP growth, as exports rose 9.2% and imports advanced 15.6%. On the production side, non-agricultural activities rose by 4.4%, with industrial production up 4.9%, fueled by growth in the extraction industry (6.5%), manufacturing (3.7%), construction (7%), and utilities (5.7%). Services increased by 4.2%, primarily driven by tourism, with hotels and restaurants rising by 12.8%. On the other hand, the agricultural sector contracted by 4.9%.

摩洛哥的年通货膨胀率从上个月的2%上升到2025年2月的2.6%。这是自2023年12月以来的最高读数，因为食品和非酒精饮料（1月份为4.7%对3.4%）、服装和鞋类（1.1%对0.9）以及餐厅和酒店（3.7%对3.5%）的价格加速上涨。与此同时，运输成本下降速度较慢（-1.7%对-2.7%）。与此同时，酒精饮料和烟草（2.9%对3%）以及杂项商品和服务（1.8%对2%）的通胀放缓，而娱乐和文化的通胀则有所下降（-0.1%对0.2%）。按月计算，2月份消费者价格指数上涨0.3%，较前一时期2%的涨幅有所放缓。

The annual inflation rate in Morocco rose to 2.6% in February 2025 from 2% in the previous month. This marked the highest reading since December 2023, as prices accelerated for food and non-alcoholic beverages (4.7% vs 3.4% in January), clothing and footwear (1.1% vs 0.9), and restaurant and hotels (3.7% vs 3.5%). At the same time, costs declined at a softer pace for transport (-1.7% vs -2.7%). Meanwhile, inflation slowed for alcoholic beverages and tobacco (2.9% vs 3%) and miscellaneous goods and services (1.8% vs 2%), while it decreased for recreation and culture (-0.1% vs 0.2%). On a monthly basis, consumer prices rose by 0.3% in February, slowing from a 2% increase in the preceding period.

摩洛哥央行在2025年3月的会议上将关键利率从2.5%降至2.25%，使借贷成本在去年6月和12月类似下调后恢复到2022年的水平。尽管预计通胀将适度加速，但央行预计未来两年通胀率将保持在2%左右。通货膨胀率从2024年12月的0.7%上升到1月的2%。与此同时，预计2025年和2026年的经济增长率分别为3.9%和4.2%，高于2024年的约3.2%。此外，政策制定者宣布了一项新计划，旨在支持银行为非常小的企业融资，其中包括以优惠利率为参与银行再融资，该利率设定为关键政策利率减去25个基点。

The Central Bank of Morocco cut its key interest rate to 2.25% from 2.5% during its March 2025 meeting, bringing borrowing costs back to 2022 levels following similar reductions in June and December of last year. Despite expectations of a moderate acceleration in inflation, the central bank projects it will remain around 2% over the next two years. Inflation rose to 2% in January from 0.7% in December 2024. Meanwhile, economic growth is forecast at 3.9% for 2025 and 4.2% for 2026, up from approximately 3.2% in 2024. Additionally, policymakers announced a new program aimed at supporting bank financing for very small enterprises, which includes refinancing for participating banks at a preferential rate, set at the key policy rate minus 25 basis points.