The High Commission for Planning (HCP) communicated on the results of the ongoing household economic survey. It shows that the morale of Moroccans continued its downward trend during the third quarter of 2022, reaching its lowest level since the start of the survey in 2008.
The information note on the results of this survey thus reveal that the household confidence index (ICM) stood at 47.4 points instead of 50.1 points recorded the previous quarter and 65.5 points a year previously.
The HCP explains in this regard that the decline in the level of household confidence during this quarter stems from the deterioration of all the indicators that make it up, and this, both compared to the previous quarter and compared to the same quarter of the past year.
In the third quarter of 2022, 81.5% of households report a deterioration in the standard of living over the past 12 months, 11.6% maintaining it at the same level and 6.9% an improvement. The balance of opinion on the past evolution of the standard of living remained negative, at minus 74.6 points, against minus 73.0 points in the previous quarter and minus 41.5 points in the same quarter of last year, know the HCP.
Over the next 12 months, 49.8% of households expect the standard of living to deteriorate, 41.9% to remain at the same level and 8.3% to improve. The balance of opinion on this indicator stands at minus 41.5 points, thus recording a deterioration both compared to the previous quarter and compared to the same quarter of the previous year when it was at minus 34.3 points and at 9.3 points respectively.
Regarding unemployment, the proportion of households in Q3-2022 who expect its rate to rise over the next 12 months reaches 87.5% against 4.0% who expect a drop. The balance of opinion thus remained negative at minus 83.5 points, recording its lowest level since the start of the survey in 2008, against minus 81.1 points a quarter earlier and minus 78.3 points a year earlier. .
In addition, 82.1% against 8.1% of households consider that the time is not right to make purchases of durable goods. The balance of opinion for this indicator remained negative with minus 74.0 points, recording a deterioration both compared to the previous quarter and compared to the same quarter of the previous year when it stood at minus 69.1 points. and minus 62.0 points respectively.
In Q3-2022, some 53.5% of households believe that their income covers their expenses, 43.7% say they are in debt or dip into their savings and 2.8% say they save part of their income. The balance of opinion on the current financial situation of households thus remained negative, at minus 40.9 points against minus 42.8 points the previous quarter and minus 36.4 points a year earlier.
As for the evolution of their financial situation over the last 12 months, the HCP notes that 52.9% against 5.2% of households consider that it has deteriorated. This perception thus remains negative, with a balance of opinion of minus 47.7 points against minus 48.7 points in the previous quarter and minus 48.0 points in the same quarter of last year.
Regarding the evolution of their financial situation over the next 12 months, 16.5% against 22.4% of households expect an improvement in their financial situation. The balance of opinion for this indicator thus stood at minus 5.9 points against minus 0.1 points in the previous quarter and 15.1 points in the same quarter of the previous year.
As for the perception of the future ability of households to save, the HCP indicates that 11.0% against 89.0% of households expect to save over the next 12 months. The balance of opinion on this indicator remained negative, at minus 78.0 points instead of minus 77.3 points in the previous quarter and minus 70.4 points in the same quarter of last year.
As for the feeling of the increase in food prices, 99.1% of households declare that food prices have increased in the last 12 months. The balance of opinion for this indicator stands at minus 99.1 points, stagnant compared to the previous quarter (minus 99.1 points) and clearly deteriorating compared to the same quarter of the previous year (minus 86.9 points).
Over the next 12 months, food prices should continue to rise according to 76.4% of households against only 2.8% who expect them to fall, estimates the HCP. The balance of opinion thus remained negative, standing at minus 73.6 points, instead of minus 74.3 points recorded a quarter earlier and minus 70.9 points a year earlier.