Morocco’s household confidence index at its lowest level since in 2008, HCP says

Morocco’s household confidence index at its lowest level since in 2008, HCP says
MAP
Thursday 14 April 2022 - 15:00

The Moroccan household confidence index is at its lowest level since the survey began in 2008, according to the High Commission for planning’s latest publication for the first quarter of 2022 on Thursday.

The Household Confidence Index (HCI) totaled 53.7 points, a clear decline compared to 61.2 points recorded in the previous quarter, and 68.3 points recorded in the same period a year earlier.

The decline in the level of confidence in this quarter is the result of the deterioration of all the indicators that make up the index, both in comparison to the previous quarter and to the same quarter last year, HCP specified.

Feeling of a strong deterioration in household living standards

In the first quarter of 2022, 75.6% of households reported a deterioration in their standard of living over the past 12 months, 15.7% maintained the same level and 8.7% improved.

This indicator represented a 66.9 points decline from both the previous quarter and the same period last year, which recorded 55.2 points and 50.5 points respectively.

Over the next 12 months, 39.1% of households expect their standard of living to worsen, 43.3% expect to remain at the same level, and 17.6% to improve.

The future evolution of the standard of living remained negative with -21.5 points, up compared to -1.3 points recorded in the previous quarter and -13.2 points recorded in the same period last year, HCP added.

Unemployment expected to increase even further

In the first quarter of 2022, 87.4% of households expect unemployment to rise over the next 12 months, while a minority of 4.6% expect the opposite.

This indicator remained negative at -82.8 points, up compared to -77.6 points recorded one quarter earlier, and – 62.2 points recorded in the same period a year earlier, HCP added.

Unfavorable intention for the purchase of durable goods

In the first quarter of 2022, 76.5% of households believe that this is not the right time to purchase durable goods, while a minority of 9.8% don’t think the same.

This indicator remained negative at -66.7 points, compared to -62.8 points recorded in the previous quarter, and -61.6 points recorded in the same period last year, HCP added.

Pessimistic perceptions of households’ future ability to save

In the first quarter of 2022, 13.9% of households expect to save money over the next 12 months, while a majority of 86.1% expect not.

This indicator remained negative, at -72.2 points instead of -69.5 points in the previous quarter, and -60.8 points in the same quarter last year, the same source added.

Sense of a sharp rise in food prices

In the first quarter of 2022, 98.1% of households reported that food prices have increased over the past 12 months, compared to only 0.2% who feel they have decreased.

This indicator also remained negative, at -97.9 points, after being -95.9 points a quarter earlier, and -74.1 points in the same period last year, according to the same source.

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