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Morocco’s 5.1-point rise in real purchasing power driven by income growth and low inflation
In 2024, Moroccan households enjoyed a notable improvement in purchasing power, fueled by rising incomes and low inflation rates, as highlighted in newly released national accounts data by Morocco’s High Commission for Planning (HCP).
Household disposable income surged by 6.7%, reaching MAD 1.059 trillion ($114 billion). This increase outpaced inflation, which was recorded at just 0.9%, resulting in a 5.1-point gain in real purchasing power. This marks a significant improvement compared to the 1.8-point rise in 2023.
Key contributors to household income growth
Wages, which accounted for 45.3% of total income, grew at the same rate as disposable income, continuing to play a major role in supporting Moroccan household finances.
Mixed income including self-employment earnings and housing services also rose by 4%. Meanwhile, property income, social benefits, and transfers provided additional financial support, increasing by 10.6% and comprising nearly a third of household resources.
However, taxes and social contributions absorbed 17.6% of household income, offsetting some of the gains. Despite this, consumption remained robust, with household spending representing 89.2% of disposable income. Effective consumption reached MAD 1.080 trillion ($116.6 billion), reflecting sustained demand across various sectors.
Per capita income and easing pressures on living standards
Per capita disposable income rose to MAD 28,808 ($3,110) in 2024, up from MAD 27,176 ($2,935) in 2023. Combined with the low inflation rate, this income growth provided tangible relief for Moroccan families, easing pressures on living standards.
Broader economic context: GDP and savings
At the national level, Morocco achieved nominal GDP growth of 7.9%, reaching MAD 1.596 trillion ($172 billion). While corporations generated nearly half of the country’s GDP, households remained the largest contributor to gross national disposable income, with a 63.1% share.
Household savings rose to 11.3% of disposable income, contributing to an 11.6% increase in national savings, which totaled MAD 461.7 billion ($50 billion). However, corporations outperformed households in terms of savings contributions, with their investment efforts driving much of the year’s economic activity.
A favorable economic environment for households
The combination of rising incomes, contained inflation, and strong consumption created a favorable environment for Moroccan households in 2024. This improvement in purchasing power provided some relief at a time when many global economies faced economic uncertainty.
