A staggering 81% of households in Morocco reported a decline in their standard of living at the end of 2024, according to the latest survey from the statistics office (HCP).
While 14% said their standard of living remained steady, only 5% reported an improvement. Meanwhile, 54% said they expected further deterioration in the next 12 months. Only 8% anticipated an improvement.
The overall confidence of Moroccan households in the economy remained low despite a modest uptick since last year. The Household Confidence Index (HCI) measured 46.5 points in Q4 2024, a slight increase from 46.2 points in the third quarter of last year, up from 44.3 points during Q4 the previous year.
Concerns about unemployment lingered. Over 82% of households predicted higher unemployment in the coming year, while only 5.5% expected a decrease. Households also remain reluctant to make significant purchases. Around 80% percent of respondents said they believe it is not the right time to buy durable goods.
The financial situation of Moroccan households remains precarious. Over 41% of respondents said they rely on debt or savings to meet their expenses, while only 2.3% manage to save.
Half of the households reported worsening financial conditions over the past year, with 52.7% noting a decline.
Nearly all surveyed households (97.5%) reported sharp increases in food prices over the past year, and 83% expected this trend to continue into 2025.