In the fourth quarter of 2011, the gross saving rate of households was 11.8% in the EU27, compared with 11.2% in the third quarter of 2011. In the euro area, the household saving rate was 13.7% in the fourth quarter of 2011, compared with 13.5% in the previous quarter.
Household real income and consumption down in the euro area
In the euro area, the household saving rate increased due to a larger fall in real final consumption expenditure (-0.7%) than in real gross disposable income (-0.4%). Real income decreased due to nominal income increasing at a slower pace (+0.3%) than consumption prices (+0.7%).
The increase in household nominal disposable income (+0.3%) was the result of the positive contributions of social benefits (+0.2 pp) together with compensation of employees, gross operating surplus / mixed income and net property income (+0.1 pp each), while taxes and social contributions contributed negatively (-0.2 pp).
Household investment rate remained at low levels in both zones
In the EU27, the gross investment rate of households was stable at 8.4% in the fourth quarter of 2011. It was 9.2% in the euro area, compared with 9.1% in the previous quarter.
In the euro area, household investment (gross fixed capital formation, mostly in dwellings) grew at a slightly higher pace (+0.5%) than disposable income (+0.3%).
