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Morocco's Household Purchasing Power Surges by 5.1 Points in 2024: HCP Report Reveals Strong Growth

Moroccan households experienced a significant boost in their purchasing power in 2024, with an improvement of 5.1 points, a substantial increase compared to the 1.8 points recorded in 2023. This positive trend, detailed in a report by the Haut-Commissariat au Plan (HCP), is primarily attributed to a modest 0.9% rise in the general consumer price index and a robust 6.7% growth in gross disposable income. The report highlights that employee remuneration and net property income were key drivers of this income surge, contributing to an enhanced financial outlook for families across the kingdom.

December 8th, 2025
2 min read
By boursenews.ma

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Morocco's Households See Robust Growth in Purchasing Power

Moroccan households experienced a significant uplift in their purchasing power during 2024, with a notable improvement of 5.1 points. This marks a substantial acceleration from the 1.8 points recorded in 2023, according to the latest figures released by the Haut-Commissariat au Plan (HCP).

The HCP's information note on the national accounts of institutional sectors for 2024 indicates that this positive trend is closely linked to a contained rise in the general consumer price index, which reached only 0.9% in 2024.

Drivers of Gross Disposable Income Growth

The report further reveals that the Gross Disposable Income (GDI) for Moroccan households demonstrated robust growth, escalating by 6.7% to reach an impressive 1,059.7 billion Moroccan Dirhams (MMDH) in 2024. Several factors contributed to this substantial increase:

  • Employee Remuneration: Wages and salaries played a pivotal role, contributing 45.3% to the overall GDI, with this component alone experiencing a 6.7% progression.
  • Mixed Income: This category, which includes the gross operating surplus from housing services, constituted 39.4% of the households' GDI and saw a 4% increase.
  • Net Property Income: Revenues from property recorded particularly strong growth, advancing by 10.6%. Combined with social benefits and other net transfers, these incomes accounted for 32.9% of the total household GDI.

Impact of Taxes and Social Contributions

Despite the positive income trends, taxes on income and wealth—primarily payroll taxes—along with social contributions, exerted a negative influence, collectively reducing the formation of household disposable income by 17.6%.

Consumption, Savings, and Per Capita Income

In terms of expenditure, Moroccan households allocated 89.2% of their gross disposable income to final consumption. This left the household savings rate at a healthy 11.3%.

Social transfers in kind also saw a significant rise, growing by 9.5% in 2024, a notable increase from the 4% recorded in 2023. Consequently, the effective final consumption of households reached 1,080 MMDH.

On a per capita basis, the disposable income of Moroccan households reached 28,808 Dirhams in 2024, marking a solid 6% year-on-year increase, underscoring the improved economic well-being across the population.

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