Magazine article European Social Policy

Eurostat : Household Savings Hit Record High, Investment Tumbles

Magazine article European Social Policy

Eurostat : Household Savings Hit Record High, Investment Tumbles

Article excerpt

Ordinary European consumers are saving more and investing less, with quarterly household savings rates hitting record highs of 15.6% in the euro area and 13.8% in the EU27 at the beginning of 2009.

The figures - released by Eurostat and the European Central Bank - are the highest since records first began in 1999.

In the last quarter of 2008, gross household savings were 14.9% in the euro area and 12.3% in the EU as a whole.

nvestments have taken a hit as a result of the crisis, with the gross household rate in the euro area down 0.5% to 9.3% in the first quarter of this year, the lowest figure on record. In the EU as a whole, investments were down 0.2% compared to the final quarter of 2008, hitting 8.6%.

However, although consumers in the euro area have less disposable income (-0.2% quarter-on-quarter), their final expenditure rates and investment (mostly in houses) fell more steeply than the drop. …

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