Household Confidence in Morocco hits All-Time Low, HCP

Household confidence in Q1 of 2023 continues its downward trend to reach 46.3 points, which is the lowest level since the survey was launched back in 2008, according to the Statistics and Forecasts Office (HCP).
Household confidence dropped compared to the previous quarter which was 46.6, and 53.7 points year-on-year.
During the first quarter of 2023, 85.3% of households reported a decline in their standard of living over the previous year.
Considering that 85.8% of Moroccans expect unemployment to rise over the next months, 50.7% of them are pessimistic about their level of living improving.
51.2% of households believe that their income covers their expenses, 45.4% say they are in debt or are draining their savings; however, 61.2% said that their financial situation had worsened during the last year.
Only 12.0% of Moroccans expect to save over the next 12 months.
A vast majority of families (98.7%) report an uptick in food prices in the last 12 months, and 74.5% predict that food costs will rise even more.