11/04/2016 Press Release
Euro area households and non-financial corporations: 4th Quarter 2015
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Households
Household gross disposable income increased at a broadly unchanged annual rate of 1.8% in the fourth quarter of 2015.
The growth rate of gross operating surplus and mixed income from the self-employed increased at a higher rate (fourth quarter 2015: 3.0%, third quarter: 2.7%), while the compensation of employees grew at an unchanged rate (2.7%). Household consumption expenditure increased at a lower rate (1.8% after 2.3%).
The household gross saving rate in the fourth quarter of 2015 was 12.5%, compared to 12.7% in the fourth quarter of 2014. Household gross non-financial investment grew at a higher rate (4.1% after 1.3%). Household financing also grew at a higher rate (1.7% after 1.0%), while its main component, loan financing grew at a broadly unchanged rate of 1.0%. Household financial investment grew at a higher rate (2.2% after 2.0%).
Among the components, currency and deposits grew at a broadly unchanged rate (2.8%), similarly to life insurance and pension schemes (3.3%). Shares and other equity grew at a broadly unchanged rate as well (3.6%). The continued negative growth rate for debt securities (-16.4% after -18.2%) reflects redemptions and sales exceeding purchases. Household net worth increased at a higher rate (3.4% after 2.6%), with the continued growth being explained by contributions from financial and non-financial investments and net valuation gains, which together exceeded financing. The value of housing wealth increased at a higher rate (2.9% after 2.0%).
The household debt-to-income ratio decreased to 93.3% in the fourth quarter of 2015, from 94.1% in the fourth quarter of 2014. Table A summarises the main results for households, expressed as a percentage of adjusted disposable income (For details, see also Table 1 in the Annex).
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