The High Commission for Planning (HCP) has released key insights from its ongoing household survey for the second quarter (Q2) of 2024. Here are the main points:
- Household confidence index (HCI): The HCI reached 46.1 points, up from 45.3 points in the previous quarter and 45.4 points in Q2 2023.
- Perception of living standards:
- Degradation: 82.6% of households reported a decline in living standards over the past 12 months.
- Stability: 13% noted no change.
- Improvement: 4.4% observed an improvement.
- Future expectations:
- Degradation: 55.1% of households expect a further decline in living standards in the next 12 months.
- Stability: 35.9% foresee no change.
- Improvement: 9% anticipate an improvement.
- Unemployment outlook:
- 82.8% predict a rise in unemployment over the next year.
- 6.6% expect it to remain unchanged.
- Purchasing sentiment:
- 78.9% believe it is not a good time to buy durable goods.
- 9.5% think otherwise.
- Financial management:
- 55.8% report their income covers their expenses.
- 42.1% are resorting to debt or savings.
- 2.1% manage to save a part of their income.
- Financial situation:
- 56.5% feel their financial situation has worsened in the past year.
- 3.3% see an improvement.
- 16.7% are optimistic about their financial future.
- Savings outlook:
- 9.8% expect to save money in the next 12 months.
- 90.2% do not expect to save.
- Food prices:
- 96.4% noted an increase in food prices over the past year.
- 82.1% anticipate further price hikes.
- 3% expect prices to decrease.
