Moroccan household purchasing power improved 5.1 points in 2024 compared to 1.8 points in 2023, according to the High Commission for Planning. The enhancement follows consumer price index evolution of just 0.9 percent reached in 2024, significantly below previous years.
Household gross disposable income recorded 6.7 percent growth to reach 1,059.7 billion dirhams in 2024, institutional sector national accounts revealed. Employee compensation contributed 45.3 percent to this income, progressing 6.7 percent year-over-year.
Mixed income, including housing service gross surplus, represented 39.4 percent of household gross disposable income and experienced four percent evolution. Net property income registered strong 10.6 percent progression. These revenues, combined with social benefits and other net transfers, contributed 32.9 percent to household gross disposable income.
However, income and wealth taxes, consisting primarily of salary taxes, and social contributions contributed negatively by 17.6 percent to household disposable income formation. Household final consumption expenditure absorbed 89.2 percent of gross disposable income, placing the household savings rate at 11.3 percent.
Social transfers in kind evolved 9.5 percent compared to four percent in 2023. Consequently, household actual final consumption reached 1,080 billion dirhams. Per capita household disposable income attained 28,808 dirhams in 2024, rising six percent annually.
The purchasing power improvement reflects moderate inflation combined with income growth driven primarily by salary increases and property income gains. The data demonstrates household economic resilience despite global economic pressures, supporting domestic consumption that remains Morocco’s primary growth driver.
The savings rate remaining above 11 percent suggests households maintain financial caution while benefiting from improved real income conditions. Government social transfer increases contributed significantly to disposable income enhancement, particularly benefiting lower-income households through targeted assistance programs.
