Family savings rate rises to 8,0% in the 1st quarter

Per capita wages reached 12,5 thousand euros, 2,1% more than in the previous quarter.

The household savings rate increased by 1,4 percentage points in the first quarter compared to the previous quarter, to 8,0% of disposable income, the National Statistics Institute (INE) announced today.

According to INE’s “Quarterly National Accounts by Institutional Sector”, “this performance was a consequence of the 2,6% increase in the RDB [gross disposable income] (1,4% in the previous quarter), higher than the 1,1% growth of private consumption”.

INE notes that the variables presented are in nominal terms, which, in the case of private consumption, “means that its evolution is marked by price growth”.

In real terms, private consumption increased by 0,3% in the year ending in the first quarter of 2024.

The nominal per capita gross disposable income of families reached 17,7 thousand euros in the first quarter of 2024, which represented an increase of 2,5% compared to the previous quarter.

Per capita wages reached 12,5 thousand euros, 2,1% more than in the previous quarter.

In the first quarter of 2024, household financing capacity stood at 2,2% of GDP, which represents an increase of 1,0 percentage points compared to the previous quarter, as a result of a 24,6% increase in family savings.

 



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