Household saving rate almost unchanged in both zones
In the fourth quarter of 2009, the seasonally adjusted gross saving rate of households was 13.3% in the EU27, the same as in the third quarter of 2009. In the euro area, the household saving rate was 15.1% in the fourth quarter of 2009, compared with 15.2% in the previous quarter.
Household real disposable income decreased by 0.2% in the euro area
In the euro area, the household saving rate was almost unchanged as there was a fall in both real final consumption expenditure (-0.1%) and real disposable income6 (-0.2%). Real disposable income decreased slightly, as household nominal disposable income grew less (+0.4%) than the prices of goods and services consumed by households (+0.5%).
The increase (+0.4%) in household nominal disposable income was mainly due to net social benefits and taxes, which each contributed +0.2 percentage points (pp). Compensation of employees (wage costs) and gross operating surplus (together with mixed income which accrues to self-employed households) each contributed +0.1 pp. Net property income and other current transfers had a negative impact (-0.3 pp).
Household investment rate still falling in both zones
In the EU27, the gross investment rate of households was 8.1% in the fourth quarter of 2009, compared with 8.3% in the third quarter of 2009. In the euro area, the household investment rate was 8.9% in the fourth quarter of 2009, compared with 9.1% in the previous quarter.
In the euro area, the household investment rate decreased as gross fixed capital formation (investment, mostly in dwellings) fell in nominal terms (-1.4%), while nominal disposable income grew (+0.4%).
