The confidence of Moroccan households showed a slight improvement in the first quarter of 2025, according to the results of an ongoing survey on household conditions conducted by the High Commission for Planning. However, despite this uptick, the overall indicators still reflect a persistent negative outlook on economic and social conditions. The ongoing household survey on the economic situation, conducted by Morocco's High Commission for Planning, revealed that the Household Confidence Index showed a slight improvement in the first quarter of 2025, both compared to the previous quarter and the same period in 2024. The Household Confidence Index rose to 46.6 points, up from 46.5 points in the previous quarter and 45.3 points in the same quarter last year. During the same period, 80.9% of households reported a deterioration in their standard of living over the past 12 months, while 14.7% considered their situation stable and 4.4% saw an improvement. As a result, the balance of this indicator remained negative at minus 76.5 points, compared to minus 76.2 points in the previous quarter and minus 78.1 points in the same period last year. Pessimism about the future Regarding expectations for the standard of living over the next 12 months, 53.0% of households anticipate a decline, 40.3% expect stability, and 6.7% foresee an improvement. Consequently, the balance of this indicator reached a negative level of minus 46.3 points, compared to minus 46.1 points in the previous quarter and minus 47.3 points in the same period last year. In terms of unemployment expectations, 80.6% of households expect an increase in unemployment over the next 12 months, compared to 7.2% who anticipate a decrease and 12.2% who expect it to remain stable. Thus, the balance of this indicator stood at a negative level of minus 73.4 points, compared to minus 77.2 points in the previous quarter and minus 77.5 points in the same period last year. Regarding the purchase of durable goods, 80.1% of households considered the conditions unfavorable for such purchases in the first quarter of 2025, while 8.1% disagreed. Therefore, the balance of this indicator reached a negative level of minus 72.0 points, compared to minus 71.9 points in the previous quarter and minus 72.9 points in the same period last year. Income situation Regarding their current financial situation, 55.8% of households reported that their income covers their expenses, while 42.0% had to rely on savings or borrowing, and only 2.2% were able to save part of their income. As a result, the balance of this indicator stood at a negative level of minus 39.8 points, compared to minus 38.9 points in the previous quarter and minus 40.6 points in the same period last year. Regarding the development of the financial situation over the past 12 months, 53.3% of households reported a deterioration, compared to 4.0% who reported an improvement. As a result, the balance of this indicator was negative at minus 49.3 points, compared to minus 47.7 points in the previous quarter and minus 52.7 points in the same period last year. Looking ahead, 14.6% of households expect their financial situation to improve over the next 12 months, compared to 31.0% who expect deterioration and 54.4% who foresee stability. As a result, the balance of this indicator stood at a negative level of minus 16.4 points, compared to minus 16.3 points in the previous quarter and minus 13.4 points in the same period last year. Price perception Regarding the ability to save over the next 12 months, 11.2% of households said they would be able to save, compared to 88.8% who could not. Thus, the balance of this indicator reached a negative level of minus 77.6 points, compared to minus 77.8 points in the previous quarter and minus 81.5 points in the same period last year. Finally, concerning food prices, 97.6% of households reported an increase over the past 12 months, bringing the balance of this indicator to a negative level of minus 97.4 points, compared to minus 97.2 points in the previous quarter and minus 96.5 points in the same period last year. Looking ahead, 81.6% of households expect food prices to continue rising over the next 12 months, while only 1.6% expect a decrease. As a result, the balance of these expectations stood at a negative level of minus 80.0 points, compared to minus 81.8 points in the previous quarter and minus 70.1 points in the same period last year.
