Euro indicators 26 July 2024 Next release: 29 October 2024
Non-financial sector accounts for the first quarter of 2024
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Real income per capita up in both euro area and EU
Announcement
Following recommendations for a harmonised European revision policy for national accounts and balance of payments, EU countries will carry out a benchmark revision of their national accounts estimates in 2024. The purpose of this benchmark revision is to implement changes introduced by the amended ESA 2010 regulation, and to incorporate new data sources and other methodological improvements. Most of the revised quarterly and annual country data are expected to be released by Eurostat between June and October 2024, and will be progressively integrated in European estimates. The impact of these revisions is expected to be limited, but still noticeable for some European aggregates and more pronounced for certain Member States. For further details, please consult the available documentation on Eurostat’s website.
Overview
In the first quarter of 2024, household real consumption per capita increased by 0.2% in the euro area, after a slight increase of 0.1% in the previous quarter. Household real income per capita increased in the first quarter of 2024 by 1.5%, after an increase of 0.7% in the fourth quarter of 2023.
These data come from a detailed set of seasonally adjusted quarterly European sector accounts that is published by Eurostat, the statistical office of the European Union.
In the EU, household real consumption per capita increased by 0.2% in the first quarter of 2024, after an increase of 0.2% in the previous quarter. At the same time, household real income per capita increased by 1.6% in the first quarter of 2024, after an increase of 0.6% in the fourth quarter of 2023.
Components of household gross disposable income
During the first quarter of 2024, household gross disposable income (in nominal terms, seasonally adjusted) increased by 2.4% in the euro area and by 2.7% in the EU. The increase is mainly explained by the large positive contribution of compensation of employees and social benefits in both the euro area and the EU. Conversely, current taxes and net social contributions was the only negative contributor.
Household saving rate increased in the euro area and the EU
In the first quarter of 2024, the saving rate increased by 1.4 percentage points (pp) in both the euro area and the EU, compared with the previous quarter.
Among the Member States for which data are published, the household saving rate increased in eight Member States, and decreased in six. Portugal had the largest increase (+5.1 pp), followed by Italy (+2.6 pp). At the same time, the largest decreases were observed in Hungary (-2.6 pp), Greece (-2.0 pp) and Czechia (-1.9 pp).
Household investment rate decreased in the euro area and in the EU
In the first quarter of 2024, the investment rate of households decreased by 0.1 pp in the euro area and by 0.3 pp in the EU, compared with the previous quarter.
Among the Member States for which data are published, the household investment rate increased in three Member States and decreased in the remaining eleven. Greece had the largest increase (0.5 pp), while the largest decreases were observed in Hungary (-1.0 pp), Denmark and Portugal (both -0.5 pp) and Poland (-0.4 pp).
Tables
Key indicators and growth rates of selected household transactions, | ||||||||
|---|---|---|---|---|---|---|---|---|
2022 | 2023 | 2024 | ||||||
Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |
Euro area | ||||||||
Saving rate, % | 12.7 | 12.6 | 12.8 | 13.7 | 13.6 | 13.4 | 14.0 | 15.4 |
Investment rate, % | 10.5 | 10.3 | 10.1 | 10.2 | 9.8 | 9.8 | 9.6 | 9.5 |
Real growth of the adjusted gross disposable income per capita | -0.6 | 0.4 | -0.8 | 0.5 | 0.1 | -0.2 | 0.7 | 1.5 |
Real growth of actual final consumption per capita | 0.8 | 0.6 | -1.0 | -0.4 | 0.1 | 0.0 | 0.1 | 0.2 |
EU | ||||||||
Saving rate, % | 11.8 | 11.5 | 11.8 | 12.9 | 12.8 | 12.6 | 13.0 | 14.4 |
Investment rate, % | 10.2 | 10.1 | 9.9 | 9.9 | 9.6 | 9.5 | 9.4 | 9.1 |
Real growth of the adjusted gross disposable income per capita | -0.9 | 0.4 | -0.7 | 0.3 | 0.2 | 0.1 | 0.6 | 1.6 |
Real growth of actual final consumption per capita | 0.6 | 0.8 | -1.0 | -0.7 | 0.3 | 0.4 | 0.2 | 0.2 |
Source dataset including non-seasonally adjusted data: nasq_10_ki
| ||||||||
Household key indicators 2024Q1 (change over previous quarter, seasonally adjusted) | |||||
|---|---|---|---|---|---|
Saving rate (percentage points) | Investment rate (percentage points) | Individual consumption expenditure (%) | Gross disposable income (%) | Gross fixed capital formation (%) | |
Euro area | 1.4 | -0.1 | 0.8 | 2.4 | 1.2 |
EU | 1.4 | -0.3 | 1.0 | 2.6 | -0.8 |
Belgium | -1.2 | 0.1 | 0.8 | -0.6 | 1.1 |
Czechia | -1.9 | -0.1 | 1.8 | -0.6 | -1.5 |
Denmark | 0.5 | -0.5 | -0.1 | 0.5 | -4.4 |
Germany | 1.0 | 0.1 | 0.6 | 1.8 | 2.4 |
Greece | -2.0 | 0.5 | 1.0 | -1.3 | 13.5 |
Spain | 1.2 | -0.3 | 1.8 | 3.2 | -0.9 |
France | 0.2 | -0.2 | 1.0 | 1.2 | -1.0 |
Italy | 2.6 | -0.2 | 0.5 | 3.5 | 1.3 |
Hungary | -2.6 | -1.0 | 2.8 | 2.1 | -12.1 |
Netherlands | 1.1 | -0.2 | 1.8 | 4.2 | 2.2 |
Austria | 0.7 | -0.3 | 1.5 | 2.5 | -1.4 |
Poland | -1.1 | -0.4 | 2.1 | 10.3 | 2.1 |
Portugal | 5.1 | -0.5 | 1.4 | 7.3 | -1.6 |
Sweden | -0.1 | -0.1 | 1.0 | 0.7 | -1.3 |
Saving rate is defined as gross saving divided by gross disposable income and investment rate as gross fixed capital formation divided by gross disposable income, with the latter adjusted in both cases for the change in the net equity of households in pension funds reserves. Data are not available for Member States whose gross domestic product at current prices is less than 1% of the EU total GDP.
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Notes for users
Revisions and timetable
A first release, focusing on data for household saving and investment rates in the euro area, is published around 94 days after each quarter. Compared with News Release of 4 July 2024 on the euro area aggregate, the seasonally adjusted household saving rate of the first quarter of 2024 was revised upwards from 15.3% to 15.4%. The investment rate remained unrevised at 9.5%.
The European estimates published today include benchmark revisions from Czechia, Denmark, France, Ireland, the Netherlands and Sweden.
Compared with News Release of 26 April 2024, the growth rate of household adjusted gross income per capita in real terms for the fourth quarter of 2023 was revised upward from +0.6% to +0.7% for the euro area and from +0.4% to +0.6% for the EU. The real growth rate of actual household consumption was revised upward from -0.1% to +0.1% for the euro area and from 0.0% to +0.2% for the EU.
Methods and definitions
Household real income per capita is defined as the adjusted gross disposable income of households, in nominal terms, divided by the total population (source: National Accounts concept) and by the deflator (price index) of household final consumption expenditure.
Household real consumption per capita is defined as the actual final consumption expenditure of households, in nominal terms, divided by the total population (source: National Accounts concept) and by the deflator (price index) of household final consumption expenditure.
The compilation of the European sector accounts follows the European System of Accounts 2010 (ESA2010) and covers the period from the first quarter of 1999 onwards. The data come from a detailed set of seasonally adjusted quarterly European sector accounts released by Eurostat, the statistical office of the European Union and the European Central Bank (ECB).
Institutional sectors bring together economic units with broadly similar characteristics and behaviour, namely: households (including non-profit institutions serving households), non-financial corporations, financial corporations, government and the rest of the world. In the latter, to measure the external transactions of the euro area / European Union, it is necessary to remove cross-border flows within the area concerned.
Eurostat’s database includes detailed annual and quarterly sector accounts of Member States of the European Economic Area and derived key indicators published around 120 days after each quarter (which also cover annual indicators such as debt-to-income ratios). A subset of quarterly key indicators is published around 94 days after each quarter.
Due to the conversion to euro, the growth rates of European Union aggregates may be affected by movements in exchange rates.
Geographical information
The euro area (EA20) consists of 20 Member States: Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland, plus the European Central Bank, the European Stability Mechanism and the European Financial Stability Facility.
The European Union (EU27) includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden plus the EU institutions.
For more information
Quarterly data on sectoral accounts and annual data, quarterly key indicators and annual key indicators on sectoral accounts
Metadata on European sector accounts compilation
Detailed data and methodology on the Eurostat website and on the ECB website
Euro indicators dashboard
Eurostat €-indicators release calendar
European Statistics Code of Practice
Get in touch
Media requests
Eurostat Media Support
Phone: (+352) 4301 33 408
E-mail: eurostat-mediasupport@ec.europa.eu
Further information on data
Ángel PANIZO ESPUELAS
Phone: (+352) 4301 37 306
Ferdinando BISCOSI
Phone: (+352) 4301 31 735
E-mail: estat-sector-query@ec.europa.eu
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