Household Economic Survey: Improving Household Morale in 2023, But Still Below Last Year’s Levels

2023-10-16 00:08:04

The High Commission for Planning (HCP) published the results of its ongoing household economic survey, revealing an improvement in household morale in the third quarter of 2023 compared to the previous quarter. However, these figures remain below the levels recorded at the same period last year.

According to the survey, the household confidence index (ICM) stood at 46.5 points, surpassing the 45.4 points of the previous quarter, but remaining lower than the 47.4 points observed in the same quarter of the year. former.

The components of the ICM relate to the perception of households regarding the evolution of the standard of living, unemployment, the opportunity to purchase durable goods and their financial situation.

Regarding the change in standard of living, 86.1% of households surveyed reported a deterioration over the last 12 months, while 9.3% noted stability and only 4.6% noted an improvement. The balance of opinion on the past evolution of the standard of living thus amounts to minus 81.5 points compared to minus 84.6 points in the previous quarter and minus 74.6 points for the same period of the previous year.

According to the HCP, the outlook for the next 12 months, 52.5% of households expect a deterioration in the standard of living, compared to 36.7% who expect stability and 10.8% anticipating an improvement. The balance of opinion relating to this indicator stands at minus 41.7 points compared to minus 43.7 points in the previous quarter and minus 41.6 points for the same period of the previous year.

The HCP also reveals concerns about the evolution of unemployment, with 86.7% of households expecting an increase in the next 12 months.

Surveys reveal that for purchases of durable goods, the majority of households (79.5%) consider that it is not the right time to make such purchases, reflecting an unfavorable perception of the economic situation.

The households surveyed also expressed their opinion on their financial situation. 55.8% believe their income covers their expenses, while 42.2% say they go into debt or dip into their savings. The outlook for the next 12 months shows that 20.3% of households expect an improvement, compared to 54.8% expecting stability and 24.9% expecting a deterioration.

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