The morale of Moroccan households is down sharply. This is what a note from the High Commission for Planning reveals. This is the lowest level since the start of the survey in 2008.
The results of the ongoing household economic survey, conducted by the High Commission for Planning (HCP), show that in the first quarter of 2022, deep despair set in among Moroccan households, and that their morale has deteriorated sharply.
The household confidence index (ICM) thus stood at 53.7 points, instead of 61.2 points recorded the previous quarter and 68.3 points a year earlier. This is the lowest level since the beginning of the survey in 2008. 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 in relation to the previous quarter than compared to the same quarter of last year, explains the HCP.
The components of the ICM relate to the perception by households of the evolution of the standard of living, of unemployment, of the opportunity to make purchases of durable goods and of their financial situation.
In detail, concerning the feeling of households, in the first quarter of 2022, 75.6% of Moroccans declare a deterioration in the standard of living over the last 12 months, 15.7% a maintenance at the same level and 8.7% a improvement. The balance of opinion on this indicator stands at -66.9 points, down both from the previous quarter and from the same quarter of the previous year when it was -55.2 points and – 50.5 points respectively.
Over the next 12 months, 39.1% of households expect the standard of living to deteriorate, 43.3% to remain at the same level and 17.6% to improve. The balance of opinion on the future evolution of the standard of living remained negative -21.5 points, once morest -1.3 points in the previous quarter and 13.2 points in the same quarter of last year. In the same vein, the permanent economic survey of households reveals an anticipation of a sharp rise in unemployment.
Indeed, in the first quarter of 2022, 87.4% versus 4.6% of households expect unemployment to rise over the next 12 months. The balance of opinion thus remained negative and deteriorated to -82.8 points once morest -77.6 points a quarter earlier and to -62.2 points a year earlier.
Difficulty saving
The HCP note also tells us that the economic situation is perceived as unfavorable to the purchase of durable goods insofar as, in the first quarter of 2022, 76.5% once morest 9.8% of households consider that the moment is not not opportune to make purchases of durable goods while the balance of opinion of this indicator remained negative with -66.7 points once morest -62.8 points in the previous quarter and -61.6 points in the same quarter of the year previous.
Regarding the deterioration of the financial situation of households, the HCP reports that 48.5% of households believe that their income covers their expenses, 47.4% say they are in debt or dip into their savings and 4.1% claim to save part of their income. As for the evolution of their financial situation, during the last 12 months, 56.9% once morest 6% of households consider that it has deteriorated.
This perception thus remains negative, with a balance of opinion of -50.9 points once morest -49 points in the previous quarter and -47.4 points in the same quarter of the previous year. As for the evolution of their financial situation over the next 12 months, 24.9% of households expect it to improve, 16.6% to deteriorate and 58.5% to maintain it at same level.
The balance of opinion for this indicator thus stood at 8.3 points once morest 15.1 points a quarter earlier and 21.2 points a year earlier. The survey also provides quarterly data on household perceptions of other aspects of living conditions. This concerns, in particular, the ability of households to save and the evolution of food product prices.
Rising prices worry
Added to this is the feeling of a sharp rise in food prices. In the first quarter of 2022, 98.1% of households report that food prices have increased over the past 12 months compared to only 0.2% who feel their decrease.
The balance of opinion thus remained negative, at -97.9 points, following being -95.9 points a quarter earlier and -74.1 points a year earlier. Over the next 12 months, food prices should continue to rise according to 76.9% of households once morest only 2.8% who expect them to fall. *
The balance of opinion thus remained negative, standing at -74.1 points, instead of -76.2 points recorded a quarter earlier and -60.2 points a year earlier.
Khadim Mbaye / ECO Inspirations
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