Morocco: Standard of living declined for 86.1% of households, according to a survey

The results of the Permanent Household Economic Survey, conducted by the High Commission for Planning of Morocco (HCP), reveal that in the third quarter of 2023, Moroccan households experienced an improvement in morale compared to the previous quarter. However, it remained lower than the level recorded in the same quarter of the previous year.

The Household Confidence Index (ICM) rose to 46.5 points, compared to 45.4 points in the previous quarter and 47.4 points in the same quarter of the previous year.

It is noteworthy that the components of the ICM reflect households’ perceptions of changes in their standard of living, unemployment, opportunities to purchase durable goods, and their financial situation.

In the third quarter of 2023, 86.1% of households reported a decline in their standard of living over the last 12 months, while 9.3% reported no change, and 4.6% noted an improvement.

According to the same source, concerning the expected evolution of the standard of living over the next 12 months, 52.5% of households anticipate a deterioration, 36.7% expect it to remain the same, and 10.8% foresee an improvement. The balance of opinion regarding this indicator stands at minus 41.7 points, compared to minus 43.7 points in the previous quarter and minus 41.6 points in the same quarter of the previous year.

In summary, while there was a slight improvement in household morale during the third quarter of 2023, concerns about the standard of living persist, with a significant portion of households anticipating a decline in the coming year.