household sector report

August 9, 2021

Household sector report 2021 Q1 Quarterly report of financial and non-financial accounts for the household sector in the euro area

2 Household Sector Report, August 2021

Contents

INTRODUCTION 4

KEY DEVELOPMENTS 6

Charts: 1. Household disposable income and components 7 2. Household nominal disposable income and its uses 8 3. Compensation of employees and components 9 4. Labour market participation, employment and unemployment 10 5. Household financing and investment 11 6. Household investment in financial assets and contributions by components 12 7. Household saving, non-financial investment, external financing and debt 13 8. Changes in household net worth 14

Table: 9. Main indicators for the household sector in the euro area 15

SECTION 2.1: COUNTRY INDICATORS

Belgium 16 Germany 19 Estonia 22 Ireland 25 Greece 28 Spain 31 France 34 Italy 37 Cyprus 40 Latvia 43 Lithuania 46 Luxembourg 49 Malta 52 Netherlands 54 Austria 57 Portugal 60 Slovenia 63 Slovakia 66 Finland 69


SECTION 2.2: OTHER EUROPEAN UNION COUNTRY INDICATORS

Bulgaria 72 Czech Republic 75 Denmark 78 Croatia 81 Hungary 84 Poland 87 Romania 90 Sweden 93

SECTION 3: EXPLANATORY NOTES 96

SECTION 4: GLOSSARY 104

Unless otherwise indicated, all data presented in this report are compiled according to the European System of Accounts (ESA) 2010.


Introduction

Purpose of the report

This report provides an up-to-date statistical picture of economic conditions for the household sector in the euro area as a whole and in all European Union countries.

Statistical sources and methodology

The ECB, together with Eurostat, publishes the integrated euro area sectoral accounts, covering financial and non-financial accounts, from which most of the statistical series shown in this report are derived. Data are compiled in accordance with the methodological framework established in the ESA 2010. Population data are taken from the ESA 2010 Transmission Programme, whilst data on employment and unemployment levels (Chart 4) are taken from the EU’s Labour Force Survey - Integrated European Social Statistics (IESS) definition, as collected and published by Eurostat.

The euro area accounts allow a euro area-wide analysis, broken down by institutional sector, within a single and consistent framework. They are based on comparable national financial and non-financial statistics that are provided by national central banks and national statistical institutes. The ECB publishes the euro area accounts every quarter, in the form of statistical press releases, in its Economic Bulletin, in the Statistical Bulletin, on the ECB’s website and in the Statistical Data Warehouse. Eurostat publishes the euro area accounts by means of quarterly press releases.

Statistical indicators and data series

The report focuses on eight groups of indicators, four financial and four non-financial that are covered in two main sections, entitled "Euro area indicators" and "Country indicators" respectively. Many cross-country charts compare the latest indicator values with their medium-term development (presented, by way of convention, as a four-year moving average in the case of flows, or as the respective indicator’s value four years earlier in the case of stocks and highly inertial variables).

In order to better convey the household-specific perspective, many indicators are presented in terms of their value per capita or as a percentage of disposable income. This also enhances the meaningfulness of cross-country comparisons. Information on the distribution of household-related economic indicators (e.g. the distribution of income and wealth) within a country, however, cannot be derived from these measures.

Where quarterly data are not available, the report shows the latest available annual data.


Unless otherwise indicated, all euro area data series relate to the group of 19 countries that were members of the euro area in the most recent reporting period. The report also presents data for the remaining European Union countries.

Availability of data and further information

All data presented in this booklet are available in the ECB’s Statistical Data Warehouse (SDW) - see http://sdw.ecb.europa.eu/reports.do?node=1000004962. A number of series can also be obtained from Eurostat’s online database.

A short glossary with explanations of the statistical indicators used can be found in Section 4. For more statistical definitions, please also see: http://www.ecb.europa.eu/stats/pdf/eaa/EAA_Glossary.pdf

In the case of questions or feedback please use the Statistical Information Request form: https://ecb-registration.escb.eu/statistical-information

The cut-off date for the statistics included in this issue is 28 July 2021.

The report has been produced by the ECB (Directorate General Statistics) in cooperation with the Working Group on Financial Accounts and Government Finance Statistics (WG FGS).

http://sdw.ecb.europa.eu/reports.do?node=1000004962

http://www.ecb.europa.eu/stats/pdf/eaa/EAA_Glossary.pdf

https://ecb-registration.escb.eu/statistical-information


Key developments

Key developments for euro area households in the first quarter of 2021

Except when otherwise stated, all growth figures in percentages refer to rates of growth on a year earlier of quarterly magnitudes per capita (p.c.), and all figures in EUR refer to the sum of per capita magnitudes cumulated over four quarters. The abbreviation p.p. denotes percentage points.

• The annual growth rate of nominal disposable income per capita (p.c.) increased to 1.4% in 2021 Q1 from 0.7% in the previous quarter. Accounting for the effect of the change in prices as measured by the private consumption deflator, real household disposable income p.c. increased by 0.3% in 2021 Q1, after a stronger increase of 0.6% in 2020 Q4;

• Real household consumption decreased by 5.7%, following a decline of 7.5% in 2020 Q4;

• Real compensation per employee grew by 0.9% as compared with the previous year, i.e. at a slightly higher pace than in 2020 Q4 (0.8%);

• Total employment decreased by 2.1%, more than in 2020 Q4 (-1.6%). The unemployment rate increased to 8.4%, i.e. by 0.3 percentage points (p.p.) as compared with the previous quarter1;

• In net terms households saved EUR 4,510 p.c. over the four quarters until 2021 Q1, incurred liabilities amounting to EUR 750 p.c., invested EUR 1,880 p.c. in non-financial assets and acquired financial assets amounting to EUR 3,550 p.c.;

• Over the four quarters until 2021 Q1, investment in financial assets continued to show net inflows into currency and deposits (EUR 2,090 p.c.), life insurance and pension schemes (EUR 630 p.c.), and equity and investment funds shares (EUR 610 p.c.). Conversely, net outflows from debt securities (EUR 110 p.c.) were observed, slightly less than in the previous quarter;

• The household debt ratio increased further to 96.4% of disposable income, compared to 96.2% in 2020 Q4; it had been stable at around 93.5% in 2018 and 2019;

• The net worth of households rose by EUR 11,300 p.c. in the four quarters up to 2021 Q1. The increase was predominantly driven by capital gains on non-financial assets (mainly housing), which contributed EUR 4,300 p.c., and capital gains on financial assets, which contributed EUR 3,900 p.c., as well as households’ financial investment transactions, which added EUR 3,550 p.c.

1 The data are temporarily affected by a break due to the definitional changes associated with the changeover to the Integrated European Social Statistics Regulation. Break-adjusted backdata are expected.

Euro area


1.1 Household disposable income and components(annual percentage change of nominal and real per capita disposable income and contribution of components)

-12

-10

-8

-6

-4

-2

0

2

4

6

8

-12

-10

-8

-6

-4

-2

0

2

4

6

8

Compensation of employeesOperating surplus/mixed income

Direct taxes (-)Net social transfers

Property income and other transfersNominal disposable income

Real disposable income20

10

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

Sources: Eurostat and ECB calculations.

1.2 Real disposable income(annual percentage change of per capita values)

1.3 Composition of nominal disposable income(EUR thousands per capita, in the four quarters to 2021 Q1)

2021 Q1 Average last 4 years

-8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0

AT

FI

ES

BE

PT

DE

SK**

FR*

EA

IT

LV**

LU***

CY**

NL

IE

SI

EE**

GR

LT**

MT

-4.9

-2.3

-1.9

-1.6

-1.2

-0.7

-0.6

0.0

0.3

0.9

1.0

1.2

1.3

1.8

1.9

3.2

6.8

7.2

8.0

NA

Compensation of employeesOperating surplus/mixed incomeDirect taxes (-)

Net social transfersProperty income and other

9.7

10.9

10.9

11.6

11.7

14.4

14.5

15.6

16.6

19.5

21.3

22.6

24.0

24.5

25.0

25.0

25.9

26.3

37.2

NA

-10.0 0.0 10.0 20.0 30.0 40.0 50.0

LV**

SK**

LT**

GR

EE**

SI

PT

ES

CY**

IT

EA

FR*

NL

BE

IE

FI

AT

DE

LU***

MTTotal

Sources: Eurostat and ECB calculations. Sources: Eurostat and ECB calculations.Note: EA = euro area. Note: EA = euro area. * = quarterly data up to 2020 Q4. * = quarterly data up to 2020 Q4. ** = annual data up to 2019. ** = annual data up to 2019. *** = annual data up to 2018. *** = annual data up to 2018. NA = not available. NA = not available.

Euro area


2.1 Household nominal disposable income and its uses(annual percentage change of per capita nominal disposable income and breakdown into its uses)

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

Real consumptionConsumption deflator

SavingsNominal disposable income

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


2.2 Real consumption expenditure(annual percentage change of per capita values)

2.3 Consumption deflator(annual percentage change)


-16.0 -14.0 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0

IE

DE

NL

AT

PT

CY

LV

EA

GR

SK

ES

FI

MT

IT

BE

EE

LU

FR

SI

LT

-12.6

-9.0

-8.5

-8.0

-7.3

-6.9

-6.5

-5.7

-5.6

-5.5

-5.1

-4.7

-4.6

-4.1

-3.2

-3.0

-1.9

-1.6

-0.1

0.7


-3.0 -2.0 -1.0 0.0 1.0 2.0 3.0

GR

CY

SI

IE

LV

EE

IT

MT

SK

BE

ES

LT

FI

PT

FR

EA

LU

AT

NL

DE

-1.7

-1.3

-0.1

0.0

0.0

0.3

0.4

0.4

0.4

0.5

0.7

0.7

0.9

1.0

1.1

1.2

1.3

1.4

1.9

2.0

Sources: Eurostat and ECB calculations. Sources: Eurostat and ECB calculations.Note: EA = euro area. Note: EA = euro area.

Euro area


3.1 Compensation of employees and components(annual percentage change of compensation of employees and its components )

-10

-8

-6

-4

-2

0

2

4

6

-10

-8

-6

-4

-2

0

2

4

6

Real compensation per employeeConsumption deflator

EmployeesCompensation of employees

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


3.2 Real compensation per employee(annual percentage change)

3.3 Number of employees(annual percentage change)


-5.0 -3.0 -1.0 1.0 3.0 5.0 7.0 9.0 11.0

CY

AT

DE

BE

IE

LU

FI

ES

EA

GR

FR

NL

IT

MT

PT

SK

EE

SI

LV

LT

-2.3

-1.5

-1.1

-0.2

0.2

0.3

0.4

0.8

0.9

1.1

1.6

1.6

1.8

2.1

2.4

3.1

5.2

5.7

6.9

10.9


-10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0

LV

EE

GR

ES

LT

IE

SK

PT

AT

NL

EA

IT

MT

FI

DE

SI

FR

BE

CY

LU

-7.1

-4.6

-4.3

-3.6

-3.4

-3.1

-2.8

-2.2

-2.2

-2.0

-1.8

-1.7

-1.7

-1.5

-1.3

-1.2

-0.9

-0.1

0.5

1.9

Sources: Eurostat and ECB calculations. Sources: Eurostat and ECB calculations.Note: EA = euro area. Note: EA = euro area.

Euro area


4.1 Labour market participation, employment and unemployment(millions of people aged 15 to 64, year-to-year difference)

-5

-4

-3

-2

-1

0

1

2

3

4

5

-5

-4

-3

-2

-1

0

1

2

3

4

5

Total employmentUnemployment

Inactive working age populationWorking age population

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

Sources: Eurostat and ECB calculations.Note: The data are temporarily affected by a break due to the definitional changes associated with the changeover to the Integrated European Social Statistics Regulation. Break-adjusted backdata are expected.

4.2 Employment rate(percentage of working age population aged 15 to 64)

4.3 Unemployment rate(percentage of labour force)

2021 Q1 Same quarter 4 years ago

40.0 50.0 60.0 70.0 80.0

GR

IT

ES

BE

IE

FR

EA

SK

SI

LU

PT

CY

LV

FI

AT

LT

EE

MT

DE

NL

52.7

56.0

60.9

63.6

65.6

66.2

66.3

67.9

68.1

68.3

68.4

68.5

68.7

70.4

70.5

71.4

73.2

74.2

74.9

79.2


0.0 10.0 20.0

MT

DE

NL

SI

LU

BE

EE

PT

IE

LT

SK

AT

CY

LV

FI

FR

EA

IT

ES

GR

3.8

4.0

5.3

5.4

5.6

6.8

7.0

7.1

7.1

7.2

7.3

7.8

7.9

8.0

8.1

8.2

8.4

10.3

15.9

16.3

Sources: Eurostat (Labour Force Survey IESS) and ECB calculations. Sources: Eurostat (Labour Force Survey IESS) and ECB calculations.Note: EA = euro area. Note: EA = euro area.Note: The data are temporarily affected by a break due to the definitional Note: The data are temporarily affected by a break due to the definitionalchanges associated with the changeover to the Integrated European Social changes associated with the changeover to the Integrated European SocialStatistics Regulation. Break-adjusted backdata are expected. Statistics Regulation. Break-adjusted backdata are expected.

Euro area


5.1 Household financing and investment(EUR per capita, annual transactions and transactions over four quarters)

-6000

-4500

-3000

-1500

0

1500

3000

4500

6000

-6000

-4500

-3000

-1500

0

1500

3000

4500

6000

Financial investment (+)Non-financial investment (+)

Financial liabilities (-)Savings + Capital Transfers (-)

Statistical discrepancy20

10

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


5.2 Non-financial investment(annual percentage change)

5.3 Financial investment(transactions over four quarters as a percentage of outstanding financial assets) 1


-20.0 -10.0 0.0 10.0 20.0

SI

IE

LU***

SK**

FR*

DE

ES

LV**

FI

PT

NL

EA

BE

AT

GR

LT**

IT

EE**

CY**

MT

-10.2

-3.8

-2.9

0.2

0.9

1.2

1.7

2.0

2.1

2.8

5.5

6.8

7.7

9.4

11.8

13.6

15.0

19.1

20.4

NA


-2.0 0.0 2.0 4.0 6.0 8.0

LT

NL

BE

IT

ES

PT

AT

LU

FI

EA

FR

EE

MT

IE

DE

GR

CY

SI

SK

LV

2.0

2.7

3.0

3.5

3.7

3.8

4.0

4.3

4.6

4.9

5.5

5.5

5.9

6.1

6.6

6.7

7.2

7.3

8.1

9.0

Sources: Eurostat and ECB calculations. Sources: Eurostat and ECB calculations.Note: EA = euro area. Note: EA = euro area. * = quarterly data up to 2020 Q4. ** = annual data up to 2019. *** = annual data up to 2018. NA = not available.

Euro area


6.1 Household investments in financial assets and contributions by components(EUR per capita, annual transactions and transactions over four quarters)

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

Currency and depositsDebt securities

Investment fund shares and equityLife insurance and pension schemes

Other financial assetsTotal financial assets

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


6.2 Financial investment(EUR per capita, transactions in the four quarters to 2021 Q1)

6.3 Financial wealth(EUR per capita, 2021 Q1)

Currency and depositsDebt securitiesInvestment fund shares and equity

Life insurance and pension schemesOther financial assets

362

1197

1288

1489

1521

1620

1750

1998

2583

2828

3250

3397

3496

3551

4093

4501

4531

4861

5183

7039

-2000 0 2000 4000 6000 8000 10000

LT

SK

LV

EE

GR

PT

ES

SI

IT

FI

AT

MT

BE

EA

CY

NL

FR

IE

DE

LU

Total

Currency and depositsDebt securitiesInvestment fund shares and equity

Life insurance and pension schemesOther financial assets

16470

16620

20320

27213

30402

30556

44472

50420

60716

60901

71666

80462

82339

87874

88412

91871

93526

127916

171506

178409

0 40000 80000 120000 160000 200000 240000

SK*

LV*

LT*

GR

SI

EE*

PT

ES

MT

CY*

FI

EA

IT

AT

DE

IE

FR

BE

NL

LU**

147

149

156

229

211

238

308

324

NA

347

287

377

423

338

337

367

ND

521

713

430

Total

% of GDISources: Eurostat and ECB calculations. Sources: Eurostat and ECB calculations.Note: EA = euro area. Note: EA = euro area.

GDI = Gross disposable income. * = annual data up to 2019. ** = annual data up to 2018.

Euro area


7.1 Household saving, non-financial investment, external financing and debt(Transactions over four quarters as percentage of disposable income, except for debt ratio: outstanding debt over disposable income 1 )

-20

0

20

40

60

80

100

120

-3

0

3

6

9

12

15

18

21

Debt ratio (left axis)Savings ratio

Non-financial investment ratioExternal financing (loans) ratio

010Q

1

11Q

1

12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

Sources: Eurostat and ECB calculations.1) Disposable income adjusted for the change in the pension entitlements

7.2 Savings ratio(saving over four quarters as percentage of disposable income 1 )

7.3 Debt ratio(outstanding debt over disposable income 1 and outstanding debt per capita)


-5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0

CY**

LT**

LV**

GR

SK**

FI

EE**

PT

ES

IT

AT

EA

FR*

LU***

BE

DE

SI

NL

IE

MT

3.1

4.1

6.0

6.1

10.2

13.3

13.5

14.2

15.5

18.6

20.5

20.8

20.8

21.4

22.2

25.1

25.6

26.0

28.2

NA


0.0 50.0 100.0 150.0 200.0 250.0

LV**

LT**

SI

IT

EE**

SK**

GR

AT

DE

PT

ES

EA

IE

FR*

BE

FI

CY**

LU***

NL

MT

3239

4018

6219

12710

7972

7964

9105

22745

23755

13530

14748

20841

25576

23082

26416

29903

22608

66225

47979

ND

32.2

36.4

42.8

64.8

66.3

72.1

78.3

87.0

88.1

93.4

95.1

96.4

101.5

102.0

106.2

119.9

134.2

177.3

188.3

NA

TotalSources: Eurostat and ECB calculations. Sources: Eurostat and ECB calculations.Note: EA = euro area. Note: EA = euro area. * = quarterly data up to 2020 Q4. * = quarterly data up to 2020 Q4. ** = annual data up to 2019. ** = annual data up to 2019. *** = annual data up to 2018. *** = annual data up to 2018.1) Disposable income adjusted for the change in the pension entitlements 1) Disposable income adjusted for the change in the pension entitlements

Euro area


8.1 Changes to household net worth(EUR per capita, annual changes and changes over four quarters)

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

11000

12000

13000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

11000

12000

13000

Financial investmentNon-financial investment

Financial liabilities (-)Revaluations, non-financial

Revaluations, financialChange in net worth

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

Sources: ECB, ECB estimates and Eurostat.

8.2 Household net worth(EUR per capita, change over four quarters to 2021 Q1)

8.3 Household net worth(EUR per capita, cumulated change over four years up to 2021 Q1)

Financial investmentNon-financial investmentFinancial liabilities (-)

Revaluations, non-financialRevaluations, financial

3779

3905

3944

4623

4662

8045

9403

9728

9796

11298

12729

12798

13480

14319

21229

14972

16044

16328

17306

NA

-10000 0 10000 20000 30000

ES

PT

SK**

SI

GR

LT**

FR*

FI

IT

EA

LV**

NL

AT

EE**

LU***

IE

DE

BE

CY**

MT

24.3

27.0

36.3

32.0

40.2

20.6

41.5

38.9

50.3

53.0

33.8

53.2

51.9

34.9

40.1

59.8

61.1

66.5

28.0

NA

Total% of GDI

Financial investmentNon-financial investmentFinancial liabilities (-)

Revaluations, non-financialRevaluations, financial

2047

8045

8052

8708

10743

10925

12249

14319

15414

17306

20302

25814

27876

29615

33641

37573

38991

61738

66074

NA

-20000 0 20000 40000 60000 80000 100000

GR

LT**

IT

SK**

SI

FI

LV**

EE**

PT

CY**

ES

EA

BE

FR*

AT

DE

IE

NL

LU***

MT

4.5

20.6

10.2

21.2

19.9

11.1

33.8

34.9

27.5

28.0

32.2

30.9

29.5

33.6

32.6

36.7

42.6

68.0

47.9

NA

Total

% of GDISources: ECB, ECB estimates and Eurostat. Sources: ECB, ECB estimates and Eurostat.Note: EA = euro area. Note: EA = euro area. GDI = Gross disposable income. GDI = Gross disposable income. * = quarterly data up to 2020 Q4. * = quarterly data up to 2020 Q4. ** = annual data up to 2019. ** = annual data up to 2019. *** = annual data up to 2018. *** = annual data up to 2018.Revaluations of financial and non-financial investment also include other volume changes Revaluations of financial and non-financial investment also include other volume changes (e.g. write-offs). (e.g. write-offs).

9. Main indicators for the household sector in the euro area


A. Household key indicators

2019 2019 2019 2019 2020 2020 2020 2020 20212018 2019 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

1.1 Disposable income per capita Annual percentage change

Nominal gross disposable income 3.1 2.7 0.1 3.1 3.1 3.1 1.6 1.8 -2.8 1.1 0.7 1.4 Deflator of final consumption 1.5 1.1 0.6 1.2 1.3 1.1 1.0 1.2 0.7 0.1 0.1 1.2 Real gross disposable income 1.6 1.6 -0.4 1.9 1.8 2.0 0.6 0.6 -3.5 0.9 0.6 0.3 Real final consumption 1.4 0.8 -8.1 0.8 1.1 1.5 0.9 -4.0 -16.3 -4.6 -7.5 -5.7

1.2 Saving, investment and debt Percentage over disposable income

Savings ratio 12.5 13.0 19.6 12.7 12.9 13.0 13.1 14.3 17.1 18.2 19.8 20.8 Non-financial investment ratio 8.9 9.0 8.6 9.0 9.0 9.0 9.0 9.0 8.7 8.6 8.6 8.7 External financing (loans) ratio 3.0 3.3 2.9 3.1 3.0 3.2 3.3 3.0 2.8 2.9 2.9 3.2 Debt ratio 93.4 93.7 96.2 93.1 93.3 93.4 93.8 93.6 94.9 95.6 96.2 96.4

1.3 Employment

Unemployment rate 8.2 7.6 7.8 7.8 7.5 7.5 7.4 7.4 7.4 8.5 8.1 8.4 Total employment, y-o-y% 1.3 1.2 -1.4 1.4 1.2 0.8 1.3 0.5 -2.5 -1.8 -1.6 -2.1

B. Summary of household accounts

2019 2019 2019 2020 2020 2020 2020 2021 20202018 2019 2020 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2.1 Decomposition of gross Contribution to annual percentage change Euro per disposable income capita

Compensation of employees (+) 3.0 2.5 -1.8 2.5 2.4 2.2 0.8 -5.8 -1.2 -0.7 0.1 16,445.2 Gross operating surplus (+) 0.6 0.6 -0.7 0.6 0.7 0.6 -0.2 -1.8 -0.1 -0.6 0.3 5,024.7 Net social transfers (+) 0.0 0.5 3.1 0.6 0.5 0.6 1.6 5.4 2.6 2.7 1.3 980.4 Property income/other transf.(+) 0.4 -0.3 -0.9 -0.2 -0.4 -0.3 0.2 -2.2 -0.6 -0.9 -0.6 2,345.3 Direct taxes (-) -0.8 -0.6 0.4 -0.5 -0.2 -1.5 -0.6 1.7 0.3 0.3 0.2 -3,462.4 Gross disposable income 3.1 2.7 0.1 3.1 3.1 1.6 1.8 -2.8 1.1 0.7 1.4 21,333.3

2.2 Saving, investment and Euro per capita, four quarter sum net borrowing flows

Saving, gross (1) 2,618.2 2,803.6 4,283.5 2,736.1 2,771.8 2,803.6 3,072.7 3,670.5 3,930.6 4,283.5 4,506.5 Non-financial investment, gross 1,853.3 1,940.0 1,843.9 1,912.2 1,931.6 1,940.0 1,932.7 1,859.3 1,842.3 1,843.9 1,875.9 Net lending(+)/net borrowing(-) 764.9 863.6 2,439.6 823.9 840.2 863.6 1,140.1 1,811.3 2,088.3 2,439.6 2,630.6

2.3 Financial investment Euro per capita, four quarter sum

Currency and deposits 942.9 1,216.9 2,000.9 1,169.2 1,243.1 1,216.9 1,251.7 1,590.2 1,727.6 2,000.9 2,085.7 Debt securities -87.6 -189.1 -129.2 -61.4 -161.6 -189.1 -227.8 -187.4 -106.1 -129.2 -107.6 Investment funds and shares 33.7 93.3 489.6 -70.2 -61.6 93.3 259.4 453.4 527.4 489.6 610.8 Life insurance and pension schemes 570.9 690.8 551.6 663.6 735.5 690.8 561.3 510.0 476.1 551.6 626.9 Other assets -67.2 20.3 240.8 24.1 -2.3 20.3 51.8 62.5 110.1 240.8 334.7 Total assets 1,392.6 1,832.2 3,153.6 1,725.3 1,753.1 1,832.2 1,896.5 2,428.7 2,735.1 3,153.6 3,550.5

2.4 Financial liabilities Euro per capita, four quarter sum

Short-term loans 13.0 -12.8 -29.2 -4.5 -12.1 -12.8 -28.8 -20.8 -26.3 -29.2 -12.7 Long-term loans 611.8 714.4 658.0 651.0 691.0 714.4 679.5 616.8 644.6 658.0 712.9 Other liabilities -30.9 202.7 48.0 130.3 166.6 202.7 140.1 137.1 128.0 48.0 46.5 Total liabilities 593.9 904.3 676.8 776.8 845.4 904.3 790.9 733.1 746.4 676.8 746.6

(1) Including net capital transfers.

Belgium


1. Household disposable income and components 2. Household nominal disposable income and its uses(annual percentage change of real and nominal per capita (annual percentage change of per capita nominal disposable income disposable income and contribution of components) and breakdown into its uses)

-10

-8

-6

-4

-2

0

2

4

6

8

10

-10

-8

-6

-4

-2

0

2

4

6

8

10

Compensation of employeesOperating surplus *Direct taxes (-)Net social transfers

Property income and otherNom. disposable incomeReal disposable income

2010

2012

2014

2016

2018

2020

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

14

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

14

Real consumptionConsumption deflatorSavingsNominal disposable income

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

* Including mixed income.

3. Compensation of employees and components 4. Labour market participation, employment andunemployment*

(annual percentage change of compensation of employees and (thousands of people aged 15 to 64, year-to-year difference) its components)

-10

-8

-6

-4

-2

0

2

4

6

-10

-8

-6

-4

-2

0

2

4

6

Real compensation per employeeConsumption deflatorEmployeesCompensation of employees

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-150

-120

-90

-60

-30

0

30

60

90

120

150

180

-150

-120

-90

-60

-30

0

30

60

90

120

150

180

Total employmentUnemploymentInactive working age populationWorking age population

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

* The data are temporarily affected by a break due to the definitional changes associated with the changeover to the Integrated European Social Statistics Regulation. Break-adjusted backdata are expected.

Belgium


5. Household financing and investment 6. Household investments in financial assets andcontributions by components

(EUR per capita, annual transactions and transactions (EUR per capita, annual transactions and transactions over four over four quarters) quarters)

-8000

-6000

-4000

-2000

0

2000

4000

6000

8000

-8000

-6000

-4000

-2000

0

2000

4000

6000

8000

Financial investment (+)Non-financial investment (+)Financial liabilities (-)Savings + Cap. Transf. (-)Statistical discrepancy

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-2000

-1000

0

1000

2000

3000

4000

5000

-2000

-1000

0

1000

2000

3000

4000

5000

Currency and depositsDebt securitiesInvestment fund shares and equityLife insurance and pension schemesOther assetsTotal assets

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

7. Household saving, non-financial investment, externalfinancing and debt

8. Changes to household net worth

(transactions over four quarters as a percentage of disposable income, (EUR per capita, annual flows and flows over four quarters) except for debt ratio: outstanding debt over disposable income)

0

20

40

60

80

100

120

0

5

10

15

20

25

30

Debt ratio (Left axis)Savings ratioNon-financial investment ratioExternal financing (loans) ratio

12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

-8000

-4000

0

4000

8000

12000

16000

20000

-8000

-4000

0

4000

8000

12000

16000

20000

Financial investmentNon-financial investmentFinancial liabilities (-)Revaluations and other changes, non-financial *Revaluations and other changes, financialChange in net worth

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

* Figures for revaluations and other changes of non-financial investment are ECB estimates

Belgium


9.A Household key indicators

2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1

Index euro 1.1 Disposable income per capita Annual percentage change area=100

Nominal gross disposable income 2.4 3.5 2.8 3.7 1.9 3.6 -0.6 1.7 3.4 -1.0 115.1 Deflator of final consumption 1.5 1.9 2.1 1.3 0.7 0.9 0.5 0.7 0.5 0.5 Real gross disposable income 0.9 1.5 0.7 2.4 1.2 2.7 -1.1 0.9 2.8 -1.6 112.3 Real final consumption 1.1 1.5 1.4 0.9 -9.1 -4.6 -17.2 -4.1 -10.2 -3.2 111.0

1.2 Saving, investment and debt Percentage over disposable income Euro area

Savings ratio 12.3 12.2 11.6 12.9 21.7 14.4 18.0 19.0 21.9 22.2 19.6 Non-financial investment ratio 9.1 9.0 9.1 9.6 8.8 9.5 9.0 9.0 8.8 9.0 8.6 External financing (loans) ratio 4.0 4.4 4.4 6.5 3.7 5.5 4.9 5.0 3.7 4.5 2.9 Debt ratio 100.4 101.2 102.4 104.8 106.1 103.0 103.8 104.6 104.8 106.2 96.2

1.3 Employment Euro area

Unemployment rate 7.8 7.1 6.0 5.4 5.6 5.1 5.1 6.3 5.8 6.6 7.8 Total employment, y-o-y% 0.8 1.1 2.5 1.6 -0.6 1.2 -1.9 -0.8 -1.0 -2.3 -1.4

9.B Summary of accounts

2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1

2.1 Decomposition of gross Contribution to annual percentage change Euro area disposable income

Compensation of employees (+) 1.2 2.8 2.4 2.7 -2.0 0.0 -5.7 -0.3 -1.5 -0.1 -1.8 Gross operating surplus (+) 0.2 0.7 0.4 0.6 -0.2 0.6 -0.8 0.0 -0.3 0.3 -0.7 Net social transfers (+) 1.1 0.2 0.3 0.0 4.4 2.5 7.4 2.7 4.3 1.2 3.1 Property income/other transf.(+) -0.3 0.4 0.1 0.1 -0.5 0.3 -1.8 -0.1 -0.2 -0.8 -0.9 Direct taxes (-) 0.3 -0.7 -0.5 0.2 0.2 0.2 0.1 -0.7 1.2 -1.7 0.4 Gross disposable income 2.4 3.5 2.8 3.7 1.9 3.6 -0.6 1.7 3.4 -1.0 0.1

2.2 Saving, investment and Euro per capita, four quarter sum Euro area net borrowing flows

Saving, gross (1) 2,476.2 2,520.5 2,459.5 2,932.1 5,238.6 3,336.4 4,238.4 4,495.6 5,238.6 5,303.9 4,283.5 Non-financial investment, gross 2,018.4 2,064.4 2,150.4 2,351.2 2,203.8 2,336.1 2,226.1 2,213.0 2,203.8 2,244.9 1,843.9 Net lending(+)/net borrowing(-) 457.8 456.0 309.2 581.0 3,034.8 1,000.2 2,012.3 2,282.6 3,034.8 3,059.1 2,439.6

2.3 Financial investment Euro per capita, four quarter sum Euro area

Currency and deposits 1,565.0 833.4 1,981.5 2,070.8 2,423.9 1,603.8 2,233.8 2,374.6 2,423.9 2,541.3 2,000.9 Debt securities -1,175.8 -706.0 -444.5 -292.8 -417.2 -521.7 -465.9 -414.9 -417.2 -307.9 -129.2 Investment funds and shares 1,078.1 251.6 -162.7 -458.9 1,279.4 -22.6 569.6 950.5 1,279.4 1,281.2 489.6 Life insurance and pension schemes 61.8 128.7 -60.7 581.8 22.8 302.4 261.2 -38.8 22.8 77.6 551.6 Other assets -65.4 331.4 -213.6 -9.7 90.3 197.9 35.2 22.5 90.3 -96.8 240.8 Total assets 1,463.7 839.1 1,100.0 1,891.2 3,399.2 1,559.8 2,633.9 2,894.0 3,399.2 3,495.5 3,153.6

2.4 Financial liabilities Euro per capita, four quarter sum Euro area

Short-term loans -27.2 66.0 11.6 -9.4 -100.5 -29.6 -121.1 -35.0 -100.5 -63.7 -29.2 Long-term loans 904.0 944.3 1,020.5 1,603.3 1,024.2 1,392.3 1,323.7 1,262.7 1,024.2 1,176.7 658.0 Other liabilities 23.5 -30.2 -18.3 9.0 30.2 -14.4 1.9 60.2 30.2 -1.7 48.0 Total liabilities 900.4 980.1 1,013.8 1,602.9 953.9 1,348.3 1,204.5 1,287.8 953.9 1,111.3 676.8


Germany



-6

-3

0

3

6

9

-6

-3

0

3

6

9



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-6

-4

-2

0

2

4

6

-6

-4

-2

0

2

4

6


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-1500

-1000

-500

0

500

1000

1500

-1500

-1000

-500

0

500

1000

1500


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Germany




-10000

-8000

-6000

-4000

-2000

0

2000

4000

6000

8000

10000

-10000

-8000

-6000

-4000

-2000

0

2000

4000

6000

8000

10000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

6000

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

6000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




0

20

40

60

80

100

120

0

5

10

15

20

25

30


12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

-3000

0

3000

6000

9000

12000

15000

18000

-3000

0

3000

6000

9000

12000

15000

18000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Germany



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 2.6 3.1 3.3 3.0 0.8 2.7 -1.0 0.6 1.0 1.2 123.0 Deflator of final consumption 0.7 1.5 1.5 1.3 0.8 1.7 1.4 -0.2 0.2 2.0 Real gross disposable income 1.9 1.5 1.9 1.6 0.1 1.0 -2.3 0.8 0.9 -0.7 122.0 Real final consumption 1.6 1.1 1.2 1.3 -6.0 -1.4 -13.3 -3.8 -5.6 -9.0 117.5




Unemployment rate 4.1 3.8 3.4 3.2 3.8 3.5 3.8 4.1 3.9 4.0 7.8 Total employment, y-o-y% 2.6 0.9 0.6 1.2 -1.3 -0.2 -1.0 -1.7 -2.0 -1.8 -1.4


2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 2.5 3.3 3.6 3.4 -0.2 2.2 -2.8 -0.5 0.3 -0.3 -1.8 Gross operating surplus (+) 0.1 0.4 0.3 0.6 -0.1 0.3 -0.7 0.6 -0.7 0.3 -0.7 Net social transfers (+) -0.2 -0.5 -0.4 0.1 1.7 0.4 2.6 2.0 1.9 1.6 3.1 Property income/other transf.(+) 0.7 0.8 0.6 -0.4 -1.1 0.6 -1.9 -2.2 -0.8 -1.2 -0.9 Direct taxes (-) -0.6 -0.9 -0.8 -0.6 0.5 -0.9 1.9 0.7 0.3 0.8 0.4 Gross disposable income 2.6 3.1 3.3 3.0 0.8 2.7 -1.0 0.6 1.0 1.2 0.1


Saving, gross (1) 4,349.8 4,602.6 4,849.5 5,017.0 6,396.8 5,181.6 5,777.4 6,030.0 6,396.8 6,870.0 4,283.5 Non-financial investment, gross 2,365.6 2,467.9 2,572.1 2,703.9 2,694.6 2,736.0 2,723.0 2,689.1 2,694.6 2,705.3 1,843.9 Net lending(+)/net borrowing(-) 1,984.2 2,134.7 2,277.4 2,313.1 3,702.2 2,445.6 3,054.3 3,340.9 3,702.2 4,164.7 2,439.6


Currency and deposits 1,442.5 1,313.4 1,660.0 1,718.1 2,534.8 1,663.7 2,037.8 2,263.3 2,534.8 2,884.1 2,000.9 Debt securities -176.9 -73.2 38.4 -38.1 -89.1 -48.6 -48.3 -60.6 -89.1 -102.7 -129.2 Investment funds and shares 619.4 767.7 549.8 682.6 1,148.9 794.4 1,009.5 1,109.1 1,148.9 1,256.6 489.6 Life insurance and pension schemes 891.4 1,125.5 979.1 965.2 1,014.7 998.7 981.8 1,000.5 1,014.7 1,005.0 551.6 Other assets -216.0 -316.7 -111.7 -33.0 92.2 -19.7 -54.3 -67.0 92.2 140.5 240.8 Total assets 2,560.4 2,816.7 3,115.5 3,294.9 4,701.4 3,388.5 3,926.5 4,245.2 4,701.4 5,183.5 3,153.6


Short-term loans -51.8 -27.2 29.1 12.4 -67.5 -11.6 -49.5 -49.3 -67.5 -42.5 -29.2 Long-term loans 630.8 699.8 799.2 967.1 1,062.8 960.3 924.9 956.7 1,062.8 1,079.3 658.0 Other liabilities -2.8 9.4 9.8 2.3 3.9 -5.8 -3.2 -3.1 3.9 6.1 48.0 Total liabilities 576.2 682.0 838.1 981.7 999.2 942.9 872.2 904.3 999.2 1,042.8 676.8


Estonia



-20

-15

-10

-5

0

5

10

15

20

-20

-15

-10

-5

0

5

10

15

20



2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-16

-12

-8

-4

0

4

8

12

16

20

24

-16

-12

-8

-4

0

4

8

12

16

20

24


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019




-15

-10

-5

0

5

10

15

20

-15

-10

-5

0

5

10

15

20


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-50

-40

-30

-20

-10

0

10

20

30

40

-50

-40

-30

-20

-10

0

10

20

30

40


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Estonia




-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-300

0

300

600

900

1200

1500

1800

-300

0

300

600

900

1200

1500

1800


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-40

-20

0

20

40

60

80

100

-10

-5

0

5

10

15

20

25


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-6000

-4500

-3000

-1500

0

1500

3000

4500

6000

7500

-6000

-4500

-3000

-1500

0

1500

3000

4500

6000

7500


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019


Estonia



2016 2017 2018 2019 2020 2020


Nominal gross disposable income 2.0 9.8 9.1 9.5 . . Deflator of final consumption 1.1 3.6 3.7 2.5 -0.6 Real gross disposable income 0.9 6.0 5.2 6.8 . . Real final consumption 4.3 2.9 4.3 2.8 . .


Savings ratio 7.3 10.1 10.4 13.5 . 19.6 Non-financial investment ratio 7.9 8.8 8.1 8.8 . 8.6 External financing (loans) ratio 4.6 4.7 4.2 4.1 . 2.9 Debt ratio 71.7 70.0 68.4 66.3 . 96.2


Unemployment rate 6.8 5.8 5.4 4.4 6.8 7.8 Total employment, y-o-y% 0.6 2.2 0.9 1.0 -2.2 -1.4


2016 2017 2018 2019 2020 2020


Compensation of employees (+) 1.8 10.6 8.1 8.8 . -1.8 Gross operating surplus (+) -0.1 0.9 1.3 0.9 . -0.7 Net social transfers (+) 0.0 -0.7 -0.1 -0.2 . 3.1 Property income/other transf.(+) 1.1 -0.2 0.2 0.8 . -0.9 Direct taxes (-) -0.8 -0.7 -0.5 -0.8 . 0.4 Gross disposable income 2.0 9.8 9.1 9.5 . 0.1


Saving, gross (1) 678.2 1,038.9 1,160.2 1,638.1 . 4,283.5 Non-financial investment, gross 727.0 887.7 892.4 1,058.5 . 1,843.9 Net lending(+)/net borrowing(-) -48.7 151.2 267.8 579.6 . 2,439.6


Currency and deposits 448.3 576.8 620.4 484.8 933.8 2,000.9 Debt securities 3.1 11.2 11.2 23.4 -2.6 -129.2 Investment funds and shares -36.1 150.2 148.1 176.9 180.3 489.6 Life insurance and pension schemes 324.8 341.5 318.6 366.3 262.3 551.6 Other assets 98.8 120.5 47.0 36.6 10.6 240.8 Total assets 839.0 1,200.3 1,145.3 1,088.0 1,384.4 3,153.6


Short-term loans -29.6 4.4 61.9 9.5 . -29.2 Long-term loans 453.8 476.7 403.0 487.7 . 658.0 Other liabilities 30.3 65.0 61.6 36.8 . 48.0 Total liabilities 454.4 546.1 526.5 559.1 471.4 676.8


Ireland



-16

-12

-8

-4

0

4

8

12

16

-16

-12

-8

-4

0

4

8

12

16



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-21-18

-15

-12

-9

-6

-3

0

3

6

9

12

15

18

21

24

27

30

-21-18

-15

-12

-9

-6

-3

0

3

6

9

12

15

18

21

24

27

30


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-16

-13

-10

-7

-4

-1

2

5

8

11

-16

-13

-10

-7

-4

-1

2

5

8

11


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-125

-100

-75

-50

-25

0

25

50

75

100

125

150

-125

-100

-75

-50

-25

0

25

50

75

100

125

150


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Ireland




-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

6000

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

6000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-60

-40

-20

0

20

40

60

80

100

120

140

160

180

200

220

-15

-10

-5

0

5

10

15

20

25

30

35

40

45

50

55


12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

-40000

-30000

-20000

-10000

0

10000

20000

-40000

-30000

-20000

-10000

0

10000

20000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Ireland



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 3.6 5.7 3.1 4.4 7.0 10.7 8.4 3.5 5.3 1.9 115.1 Deflator of final consumption 0.3 1.0 2.0 2.0 0.4 2.1 -1.0 0.3 0.4 0.0 Real gross disposable income 3.3 4.6 1.1 2.4 6.5 8.4 9.5 3.2 4.9 1.9 114.1 Real final consumption 3.9 0.9 2.5 1.8 -12.0 -7.6 -21.1 -9.4 -10.3 -12.6 109.8


Savings ratio 7.9 11.5 11.6 12.2 23.7 13.7 19.9 22.4 25.4 28.2 19.6 Non-financial investment ratio 5.3 5.4 6.1 5.1 4.5 5.0 4.4 4.2 4.5 4.4 8.6 External financing (loans) ratio -2.8 -0.9 -1.0 0.0 -0.8 -0.2 -0.6 -1.0 -0.8 -1.2 2.9 Debt ratio 144.2 129.9 122.4 112.7 104.1 110.2 106.9 105.5 103.4 101.5 96.2




2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 4.4 5.0 4.3 4.9 -0.5 4.7 -7.1 -1.7 2.5 -3.2 -1.8 Gross operating surplus (+) 1.1 1.1 1.0 1.1 0.2 5.3 0.5 -1.7 -3.3 -1.7 -0.7 Net social transfers (+) -0.8 -1.4 -0.7 0.5 6.8 1.0 12.2 6.1 7.9 8.7 3.1 Property income/other transf.(+) -0.8 1.5 -0.4 -0.6 0.1 0.5 0.5 0.7 -1.4 -0.3 -0.9 Direct taxes (-) -0.4 -0.6 -1.1 -1.4 0.3 -0.8 2.2 0.2 -0.4 -1.6 0.4 Gross disposable income 3.6 5.7 3.1 4.4 7.0 10.7 8.4 3.5 5.3 1.9 0.1


Saving, gross (1) 1,653.1 2,599.7 2,517.6 2,495.7 6,473.7 3,369.6 4,979.3 5,660.3 6,473.7 7,201.1 4,283.5 Non-financial investment, gross 1,091.3 1,196.4 1,375.9 1,204.6 1,122.1 1,197.7 1,093.9 1,048.0 1,122.1 1,109.1 1,843.9 Net lending(+)/net borrowing(-) 561.8 1,403.2 1,141.7 1,291.1 5,351.7 2,171.9 3,885.4 4,612.2 5,351.7 6,092.0 2,439.6


Currency and deposits 677.2 846.7 1,039.4 2,124.8 3,219.1 1,716.4 3,049.2 3,380.2 3,219.1 4,261.1 2,000.9 Debt securities 2.9 -6.5 -4.7 -8.9 14.4 -25.8 -16.5 -7.6 14.4 11.4 -129.2 Investment funds and shares 4.6 -96.0 -30.9 299.0 356.3 310.0 319.0 344.4 356.3 337.3 489.6 Life insurance and pension schemes 208.9 736.9 250.0 533.1 476.8 499.8 482.8 517.8 476.8 473.9 551.6 Other assets 128.0 -229.3 -6.6 -197.2 -309.4 -275.8 -317.8 -307.1 -309.4 -222.4 240.8 Total assets 1,021.7 1,251.9 1,247.2 2,750.9 3,757.2 2,224.6 3,516.7 3,927.7 3,757.2 4,861.3 3,153.6


Short-term loans -71.8 -46.2 -8.2 -19.8 -58.3 -15.7 -58.5 -56.2 -58.3 -62.1 -29.2 Long-term loans -501.4 -150.3 -225.1 14.7 -145.0 -28.2 -83.8 -189.3 -145.0 -250.4 658.0 Other liabilities 388.5 265.3 -91.3 637.4 549.1 488.5 622.2 663.8 549.1 571.8 48.0 Total liabilities -184.7 68.7 -324.6 632.3 345.9 444.6 480.0 418.4 345.9 259.3 676.8


Greece



-15

-12

-9

-6

-3

0

3

6

9

-15

-12

-9

-6

-3

0

3

6

9



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-15

-12

-9

-6

-3

0

3

6

9

12

15

-15

-12

-9

-6

-3

0

3

6

9

12

15


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-12

-9

-6

-3

0

3

6

9

-12

-9

-6

-3

0

3

6

9


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-500

-400

-300

-200

-100

0

100

200

300

400

-500

-400

-300

-200

-100

0

100

200

300

400


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Greece




-4000

-3500

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

-4000

-3500

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-60

-40

-20

0

20

40

60

80

100

120

-15

-10

-5

0

5

10

15

20

25

30


12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

-8000

-6000

-4000

-2000

0

2000

4000

6000

-8000

-6000

-4000

-2000

0

2000

4000

6000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Greece



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income -2.3 1.8 1.7 4.0 0.1 1.3 -4.1 2.2 1.2 5.3 53.9 Deflator of final consumption -0.9 0.4 0.0 0.2 -1.2 0.6 -0.9 -2.5 -2.1 -1.7 Real gross disposable income -1.4 1.3 1.7 3.8 1.4 0.7 -3.2 4.8 3.4 7.2 57.0 Real final consumption -0.1 2.1 2.5 2.0 -5.0 -2.1 -13.0 2.0 -6.7 -5.6 67.9


Savings ratio -3.6 -4.4 -5.2 -3.3 3.1 -2.7 -0.1 0.6 3.2 6.1 19.6 Non-financial investment ratio 3.3 3.3 3.3 3.4 3.6 3.4 3.5 3.6 3.6 3.6 8.6 External financing (loans) ratio -2.7 -1.9 -1.7 -0.1 . -1.5 -2.1 -1.9 -1.7 -2.1 2.9 Debt ratio 93.0 88.5 89.2 83.5 79.7 82.9 82.6 81.5 80.4 78.3 96.2




2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 1.2 0.7 2.0 1.8 -0.4 1.8 -2.7 -0.2 -0.3 -2.5 -1.8 Gross operating surplus (+) -3.1 1.1 -0.1 1.6 -1.4 -0.2 -3.0 -2.2 -0.1 3.3 -0.7 Net social transfers (+) -0.3 -1.6 -0.2 -0.2 0.8 1.1 0.5 -0.5 1.9 3.1 3.1 Property income/other transf.(+) 0.1 2.1 0.4 0.0 -0.3 -0.8 -0.2 -0.8 0.4 0.7 -0.9 Direct taxes (-) -0.2 -0.6 -0.4 0.8 1.5 -0.7 1.2 5.8 -0.7 0.7 0.4 Gross disposable income -2.3 1.8 1.7 4.0 0.1 1.3 -4.1 2.2 1.2 5.3 0.1


Saving, gross (1) -358.1 -385.9 -437.1 -313.3 722.3 -231.6 100.6 218.7 722.3 1,102.5 4,283.5 Non-financial investment, gross 353.0 360.1 365.6 384.3 409.2 391.7 401.8 407.1 409.2 422.1 1,843.9 Net lending(+)/net borrowing(-) -711.1 -746.0 -802.7 -697.6 313.0 -623.3 -301.2 -188.4 313.0 680.4 2,439.6


Currency and deposits -393.2 -371.6 -370.4 -238.3 994.1 -68.1 82.7 284.4 994.1 1,093.2 2,000.9 Debt securities 31.9 42.1 14.3 7.3 2.6 -28.8 -41.3 10.4 2.6 45.0 -129.2 Investment funds and shares -186.3 -111.5 -48.1 30.9 86.8 9.8 59.2 101.2 86.8 219.3 489.6 Life insurance and pension schemes 30.7 47.3 28.1 74.3 40.8 35.1 35.5 7.6 40.8 17.3 551.6 Other assets -66.4 -103.7 -61.1 198.5 116.0 128.6 152.2 150.1 116.0 146.2 240.8 Total assets -583.4 -497.5 -437.1 72.6 1,240.3 76.7 288.2 553.7 1,240.3 1,521.0 3,153.6


Short-term loans -85.5 -36.3 -18.3 -59.3 -85.6 -112.4 -87.4 -87.6 -85.6 -75.4 -29.2 Long-term loans -206.5 -173.1 -164.1 -171.2 -109.5 -56.0 -147.7 -129.6 -109.5 -171.1 658.0 Other liabilities -140.5 23.3 -50.6 1.0 -34.8 183.3 135.5 -27.4 -34.8 -141.4 48.0 Total liabilities -432.5 -186.1 -232.9 -229.5 -229.8 15.0 -99.6 -244.6 -229.8 -387.9 676.8


Spain



-20

-18

-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

-20

-18

-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-21

-18

-15

-12

-9

-6

-3

0

3

6

9

12

-21

-18

-15

-12

-9

-6

-3

0

3

6

9

12


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-1600

-1200

-800

-400

0

400

800

1200

1600

-1600

-1200

-800

-400

0

400

800

1200

1600


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Spain




-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-2000

-1500

-1000

-500

0

500

1000

1500

2000

-2000

-1500

-1000

-500

0

500

1000

1500

2000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


8. Changes to household net worth*


-40

-20

0

20

40

60

80

100

120

140

-10

-5

0

5

10

15

20

25

30

35


12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

-18000

-16000

-14000

-12000

-10000

-8000

-6000

-4000

-2000

0

2000

4000

6000

8000

10000

-18000

-16000

-14000

-12000

-10000

-8000

-6000

-4000

-2000

0

2000

4000

6000

8000

10000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Spain



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 2.6 3.0 2.6 1.8 -3.8 1.1 -9.6 -1.6 -3.7 -1.3 74.7 Deflator of final consumption 0.2 1.5 1.5 1.0 0.2 1.0 0.1 0.0 -0.4 0.7 Real gross disposable income 2.4 1.5 1.1 0.8 -3.9 0.1 -9.7 -1.5 -3.3 -1.9 75.1 Real final consumption 2.6 2.8 1.3 0.1 -12.6 -7.1 -24.4 -8.1 -11.1 -5.1 78.9


Savings ratio 7.1 5.8 5.6 6.3 14.8 8.0 11.3 12.8 14.8 15.5 19.6 Non-financial investment ratio 4.6 5.1 5.5 5.6 4.8 5.4 5.0 5.0 4.8 4.9 8.6 External financing (loans) ratio -1.7 -0.6 0.2 0.2 -0.6 -0.2 -0.8 -0.6 -0.6 -0.4 2.9 Debt ratio 103.0 98.8 95.6 93.0 95.2 92.1 95.2 94.3 95.2 95.1 96.2




2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 1.5 2.7 2.6 2.9 -4.4 1.0 -10.0 -4.5 -3.2 -1.8 -1.8 Gross operating surplus (+) 1.0 1.1 0.4 0.4 -2.5 -0.7 -4.2 -2.0 -2.6 -1.6 -0.7 Net social transfers (+) -0.1 -0.5 0.3 0.1 3.8 1.7 7.0 3.2 2.6 1.8 3.1 Property income/other transf.(+) 0.5 0.5 0.2 -1.0 -0.8 -0.4 -3.5 1.6 -0.2 0.7 -0.9 Direct taxes (-) -0.3 -0.8 -0.9 -0.6 0.2 -0.5 1.1 0.1 -0.2 -0.3 0.4 Gross disposable income 2.6 3.0 2.6 1.8 -3.8 1.1 -9.6 -1.6 -3.7 -1.3 0.1


Saving, gross (1) 1,016.9 840.6 840.9 964.6 2,293.3 1,250.4 1,744.2 1,981.9 2,293.3 2,402.4 4,283.5 Non-financial investment, gross 683.6 789.4 873.3 898.4 753.0 880.0 789.0 783.1 753.0 756.5 1,843.9 Net lending(+)/net borrowing(-) 333.3 51.1 -32.4 66.2 1,540.3 370.4 955.2 1,198.8 1,540.3 1,645.9 2,439.6


Currency and deposits 206.4 -94.4 498.2 770.4 1,521.9 735.7 1,075.9 1,396.0 1,521.9 1,523.0 2,000.9 Debt securities -90.2 -231.6 -91.0 -9.1 -1.6 -40.3 -5.1 25.4 -1.6 4.6 -129.2 Investment funds and shares 366.2 649.1 -82.7 -156.6 28.9 16.7 162.2 37.5 28.9 148.5 489.6 Life insurance and pension schemes 63.2 180.4 -84.5 169.3 -68.3 -33.1 -104.8 -143.2 -68.3 2.0 551.6 Other assets 19.1 51.5 150.4 17.0 137.7 53.9 115.8 33.3 137.7 72.2 240.8 Total assets 564.7 555.1 390.3 791.0 1,618.6 732.9 1,244.1 1,349.0 1,618.6 1,750.2 3,153.6


Short-term loans -24.3 9.8 49.2 55.1 -24.4 52.3 73.9 13.4 -24.4 -22.4 -29.2 Long-term loans -236.1 -94.8 -18.7 -24.1 -67.2 -83.2 -198.9 -114.1 -67.2 -44.6 658.0 Other liabilities 253.1 339.9 165.2 422.7 -27.7 208.5 141.8 140.6 -27.7 -74.5 48.0 Total liabilities -7.4 255.0 195.7 453.7 -119.3 177.5 16.8 39.8 -119.3 -141.5 676.8


France



-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10



2010

2012

2014

2016

2018

2020

16Q

4

17Q

2

17Q

4

18Q

2

18Q

4

19Q

2

19Q

4

20Q

2

20Q

4

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12


2010

2012

2014

2016

2018

2020

16Q

4

17Q

2

17Q

4

18Q

2

18Q

4

19Q

2

19Q

4

20Q

2

20Q

4




-12

-10

-8

-6

-4

-2

0

2

4

6

-12

-10

-8

-6

-4

-2

0

2

4

6


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-1000

-800

-600

-400

-200

0

200

400

600

800

1000

-1000

-800

-600

-400

-200

0

200

400

600

800

1000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


France




-7500

-6000

-4500

-3000

-1500

0

1500

3000

4500

6000

7500

-7500

-6000

-4500

-3000

-1500

0

1500

3000

4500

6000

7500


2010

2012

2014

2016

2018

2020

16Q

4

17Q

2

17Q

4

18Q

2

18Q

4

19Q

2

19Q

4

20Q

2

20Q

4

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




0

20

40

60

80

100

120

0

5

10

15

20

25

30


11Q

4

12Q

4

13Q

4

14Q

4

15Q

4

16Q

4

17Q

4

18Q

4

19Q

4

20Q

4

-5000-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

11000

12000

-5000-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

11000

12000

Financial investmentNon-financial investmentFinancial liabilities (-)Revaluations and other changes, non-financial*Revaluations and other changes, financialChange in net worth

2010

2012

2014

2016

2018

2020

16Q

4

17Q

2

17Q

4

18Q

2

18Q

4

19Q

2

19Q

4

20Q

2

20Q

4


France



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 1.4 2.1 2.5 2.7 0.4 0.7 -2.4 0.6 2.9 . 106.2 Deflator of final consumption 0.2 0.8 1.7 0.8 0.8 1.0 1.0 0.6 0.5 1.1 Real gross disposable income 1.2 1.3 0.8 1.8 -0.4 -0.3 -3.3 0.0 2.4 . 107.0 Real final consumption 1.4 1.0 0.5 1.2 -7.6 -4.2 -16.6 -2.4 -6.1 -1.6 104.2


Savings ratio 13.6 13.8 14.1 14.6 20.8 15.4 18.4 18.9 20.8 . 19.6 Non-financial investment ratio 8.9 9.3 9.4 9.5 8.4 9.3 8.7 8.4 8.4 . 8.6 External financing (loans) ratio 3.8 5.1 4.9 5.8 4.7 5.5 5.1 4.8 4.7 . 2.9 Debt ratio 90.9 93.3 95.4 98.2 102.0 98.6 100.0 101.3 102.0 . 96.2




2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 1.3 2.3 1.9 0.5 -3.2 -1.1 -8.3 -1.4 -1.6 . -1.8 Gross operating surplus (+) 0.2 0.4 0.3 0.0 0.0 -0.1 -0.8 0.1 0.8 . -0.7 Net social transfers (+) 0.1 -0.4 1.1 2.0 4.0 2.1 7.4 2.7 3.4 . 3.1 Property income/other transf.(+) -0.1 0.2 0.7 0.3 -0.9 -0.4 -2.2 -0.5 -0.5 . -0.9 Direct taxes (-) -0.1 -0.3 -1.4 0.0 0.6 0.2 1.6 -0.3 0.8 . 0.4 Gross disposable income 1.4 2.1 2.5 2.7 0.4 0.7 -2.4 0.6 2.9 . 0.1


Saving, gross (1) 2,754.1 2,848.0 2,979.4 3,129.1 4,551.8 3,319.2 3,973.1 4,099.5 4,551.8 . 4,283.5 Non-financial investment, gross 1,859.9 1,991.0 2,065.4 2,136.3 1,898.4 2,094.8 1,943.4 1,894.7 1,898.4 . 1,843.9 Net lending(+)/net borrowing(-) 894.3 857.0 914.0 992.8 2,653.4 1,224.4 2,029.6 2,204.7 2,653.4 . 2,439.6


Currency and deposits 840.1 990.5 1,017.8 1,310.5 2,394.6 1,433.8 2,007.7 2,165.3 2,394.6 2,424.7 2,000.9 Debt securities -25.4 -78.7 -86.7 -66.4 -22.9 -75.3 -44.6 -32.3 -22.9 -4.4 -129.2 Investment funds and shares -276.3 31.2 -63.9 58.6 433.6 343.0 288.1 660.9 433.6 278.1 489.6 Life insurance and pension schemes 607.4 569.4 687.0 619.3 327.8 552.7 436.7 331.6 327.8 393.1 551.6 Other assets 457.5 724.7 -25.4 463.2 860.1 461.8 659.6 748.1 860.1 1,439.6 240.8 Total assets 1,603.2 2,237.1 1,528.8 2,385.2 3,993.1 2,716.0 3,347.5 3,873.5 3,993.1 4,531.0 3,153.6


Short-term loans -13.2 -10.4 6.7 31.7 12.5 -33.4 16.4 -33.8 12.5 73.6 -29.2 Long-term loans 804.2 1,111.8 1,061.8 1,283.9 1,049.1 1,277.6 1,123.0 1,108.6 1,049.1 1,024.2 658.0 Other liabilities -54.3 342.5 -467.5 132.2 354.9 453.7 612.7 370.9 354.9 165.3 48.0 Total liabilities 736.7 1,444.0 600.9 1,447.7 1,416.5 1,697.8 1,752.1 1,445.7 1,416.5 1,263.0 676.8


Italy



-18

-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

-18

-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-18

-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

-18

-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-1500

-1250

-1000

-750

-500

-250

0

250

500

750

1000

1250

1500

-1500

-1250

-1000

-750

-500

-250

0

250

500

750

1000

1250

1500


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Italy




-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


8. Changes to household net worth*


-10

0

10

20

30

40

50

60

70

-5

0

5

10

15

20

25

30

35


12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

-5000-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

11000

-5000-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

11000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Italy



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 1.5 3.1 2.0 1.1 -2.4 -1.0 -6.4 -0.3 -1.8 1.4 92.1 Deflator of final consumption 0.1 1.1 0.9 0.5 -0.2 0.3 -0.3 -0.5 -0.3 0.4 Real gross disposable income 1.4 2.0 1.0 0.6 -2.2 -1.3 -6.1 0.1 -1.5 0.9 94.2 Real final consumption 1.4 2.6 1.1 0.5 -10.3 -6.9 -17.7 -7.3 -9.6 -4.1 96.6






2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 1.5 2.1 2.1 1.3 -3.9 -1.6 -8.2 -2.6 -3.2 0.6 -1.8 Gross operating surplus (+) 0.6 0.8 0.7 0.4 -2.2 -1.9 -4.8 -0.6 -1.5 0.0 -0.7 Net social transfers (+) 0.0 0.0 -0.2 0.5 4.5 2.7 8.2 3.4 3.5 1.1 3.1 Property income/other transf.(+) -0.4 0.6 -0.5 -0.5 -1.0 0.2 -2.7 -1.0 -0.6 -0.1 -0.9 Direct taxes (-) -0.3 -0.5 -0.1 -0.7 0.3 -0.3 1.1 0.3 0.0 -0.2 0.4 Gross disposable income 1.5 3.1 2.0 1.1 -2.4 -1.0 -6.4 -0.3 -1.8 1.4 0.1


Saving, gross (1) 1,924.5 1,966.2 2,009.7 2,010.5 3,495.5 2,267.6 2,775.2 3,148.7 3,495.5 3,680.5 4,283.5 Non-financial investment, gross 1,480.7 1,498.2 1,585.5 1,629.9 1,469.7 1,590.5 1,471.2 1,469.7 1,469.7 1,526.1 1,843.9 Net lending(+)/net borrowing(-) 443.9 468.0 424.2 380.6 2,025.9 677.1 1,304.1 1,679.0 2,025.9 2,154.4 2,439.6


Currency and deposits 877.9 497.3 483.8 1,032.0 1,763.7 1,358.4 1,438.0 1,340.8 1,763.7 1,555.6 2,000.9 Debt securities -1,120.3 -648.0 -177.4 -690.7 -420.4 -960.8 -783.0 -352.6 -420.4 -329.4 -129.2 Investment funds and shares 254.5 487.1 -283.9 -158.5 297.1 31.7 538.5 559.2 297.1 541.6 489.6 Life insurance and pension schemes 718.7 485.0 658.9 490.4 515.8 279.0 250.2 185.4 515.8 734.3 551.6 Other assets -68.9 19.3 96.1 125.3 -31.9 34.6 -218.9 87.8 -31.9 80.9 240.8 Total assets 661.9 840.7 777.4 798.5 2,124.3 743.0 1,224.9 1,820.6 2,124.3 2,582.9 3,153.6


Short-term loans -34.1 -12.3 -18.0 -1.5 -79.0 -32.3 -40.7 -57.3 -79.0 -32.1 -29.2 Long-term loans 175.8 283.6 354.5 293.7 251.9 235.3 182.2 238.7 251.9 343.8 658.0 Other liabilities 77.8 77.1 31.1 119.3 -67.7 -127.0 -223.9 -39.6 -67.7 90.7 48.0 Total liabilities 219.5 348.5 367.6 411.4 105.1 76.0 -82.4 141.8 105.1 402.5 676.8


Cyprus



-12

-9

-6

-3

0

3

6

9

12

-12

-9

-6

-3

0

3

6

9

12



2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-12

-9

-6

-3

0

3

6

9

12

-12

-9

-6

-3

0

3

6

9

12


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019




-12

-8

-4

0

4

8

12

-12

-8

-4

0

4

8

12


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-28

-21

-14

-7

0

7

14

21

28

-28

-21

-14

-7

0

7

14

21

28


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Cyprus




-6000

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-6000

-4500

-3000

-1500

0

1500

3000

4500

6000

-6000

-4500

-3000

-1500

0

1500

3000

4500

6000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-60

-30

0

30

60

90

120

150

180

210

-20

-10

0

10

20

30

40

50

60

70


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-8000

-6000

-4000

-2000

0

2000

4000

6000

8000

10000

-8000

-6000

-4000

-2000

0

2000

4000

6000

8000

10000


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019


Cyprus



2016 2017 2018 2019 2020 2020


Nominal gross disposable income 5.3 5.1 5.0 2.5 . . Deflator of final consumption -1.9 1.0 1.6 1.1 -0.9 Real gross disposable income 7.3 4.1 3.3 1.3 . . Real final consumption 4.7 3.9 3.4 0.4 . .


Savings ratio 1.5 3.0 3.1 3.1 . 19.6 Non-financial investment ratio 8.1 9.1 11.7 13.7 . 8.6 External financing (loans) ratio -1.2 0.5 3.6 -0.8 . 2.9 Debt ratio 174.4 157.3 144.0 134.2 . 96.2


Unemployment rate 13.0 11.1 8.4 7.1 7.6 7.8 Total employment, y-o-y% 1.3 4.6 5.5 3.9 0.3 -1.4


2016 2017 2018 2019 2020 2020


Compensation of employees (+) 2.3 4.1 3.8 2.4 . -1.8 Gross operating surplus (+) 2.4 1.8 1.1 0.7 . -0.7 Net social transfers (+) 1.4 -1.0 -0.7 -1.6 . 3.1 Property income/other transf.(+) -0.8 0.6 1.0 1.1 . -0.9 Direct taxes (-) 0.0 -0.4 -0.3 -0.2 . 0.4 Gross disposable income 5.3 5.1 5.0 2.5 . 0.1


Saving, gross (1) 264.7 494.8 557.0 574.0 . 4,283.5 Non-financial investment, gross 1,202.1 1,427.0 1,948.5 2,314.7 . 1,843.9 Net lending(+)/net borrowing(-) -937.4 -932.2 -1,391.5 -1,740.8 . 2,439.6


Currency and deposits -1,046.3 195.9 77.9 910.8 3,054.9 2,000.9 Debt securities 553.3 168.8 63.7 -3.0 78.0 -129.2 Investment funds and shares 200.7 -1,598.7 -1,095.0 208.6 358.9 489.6 Life insurance and pension schemes -562.2 285.2 332.5 1,189.4 -26.4 551.6 Other assets 234.6 325.5 71.6 443.2 188.8 240.8 Total assets -619.9 -623.3 -549.2 2,748.9 3,654.1 3,153.6


Short-term loans -101.1 -5.9 -255.3 28.2 -3.4 -29.2 Long-term loans -73.7 87.3 854.4 -385.5 129.3 658.0 Other liabilities 244.4 171.0 134.7 8.2 184.2 48.0 Total liabilities 69.5 252.3 733.8 -349.1 310.1 676.8


Latvia



-30

-20

-10

0

10

20

-30

-20

-10

0

10

20



2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-20

-10

0

10

20

30

-20

-10

0

10

20

30


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019




-30

-20

-10

0

10

20

-30

-20

-10

0

10

20


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-60

-40

-20

0

20

40

-60

-40

-20

0

20

40


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Latvia




-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500


2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-1000

-500

0

500

1000

1500

2000

-1000

-500

0

500

1000

1500

2000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-40

-20

0

20

40

60

80

-10

-5

0

5

10

15


2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

8000


2011

2012

2013

2014

2015

2016

2017

2018

2019


Latvia



2016 2017 2018 2019 2020 2020


Nominal gross disposable income 6.6 6.6 8.2 4.0 . . Deflator of final consumption 1.2 3.0 2.9 2.9 0.8 Real gross disposable income 5.4 3.5 5.1 1.0 . . Real final consumption 4.3 4.0 3.4 2.9 . .




Unemployment rate 9.7 8.7 7.4 6.3 8.1 7.8 Total employment, y-o-y% -0.3 0.2 1.6 0.1 -1.9 -1.4


2016 2017 2018 2019 2020 2020


Compensation of employees (+) 5.2 6.2 8.7 7.4 . -1.8 Gross operating surplus (+) 1.0 2.4 0.5 0.7 . -0.7 Net social transfers (+) -0.2 -0.9 -1.7 -0.7 . 3.1 Property income/other transf.(+) 1.3 0.2 1.0 -2.0 . -0.9 Direct taxes (-) -0.7 -1.3 -0.3 -1.4 . 0.4 Gross disposable income 6.6 6.6 8.2 4.0 . 0.1


Saving, gross (1) 503.4 513.3 725.1 603.8 . 4,283.5 Non-financial investment, gross 406.6 431.5 550.1 565.2 . 1,843.9 Net lending(+)/net borrowing(-) 96.8 81.8 175.0 38.6 . 2,439.6


Currency and deposits 146.1 154.6 226.2 166.7 594.4 2,000.9 Debt securities 11.9 -5.2 6.4 10.0 -19.5 -129.2 Investment funds and shares 17.2 -0.2 -23.5 -32.1 65.2 489.6 Life insurance and pension schemes 244.4 291.3 267.3 363.8 309.1 551.6 Other assets 4.4 29.3 -18.7 109.3 -79.0 240.8 Total assets 423.9 469.7 457.8 617.8 870.2 3,153.6


Short-term loans -15.4 27.7 -2.7 -13.2 -13.3 -29.2 Long-term loans 29.1 37.2 53.0 77.9 10.6 658.0 Other liabilities -2.3 29.0 44.1 32.2 -29.0 48.0 Total liabilities 11.5 94.0 94.4 96.9 -31.6 676.8


Lithuania



-8

-6

-4

-2

0

2

4

6

8

10

12

14

16

18

-8

-6

-4

-2

0

2

4

6

8

10

12

14

16

18



2010

2011

2012

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2014

2015

2016

2017

2018

2019

-4

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0

2

4

6

8

10

12

-4

-2

0

2

4

6

8

10

12


2010

2011

2012

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2014

2015

2016

2017

2018

2019




-25

-20

-15

-10

-5

0

5

10

15

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-5

0

5

10

15


2010

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2018

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-100

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0

25

50

75


2010

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2018

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1

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3

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1

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1

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Lithuania




-2000

-1500

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500

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1500

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2010

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2010

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-10

10

30

50

-5

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15


2010

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2012

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2015

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1000

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1000

2000

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2010

2011

2012

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2019


Lithuania



2016 2017 2018 2019 2020 2020


Nominal gross disposable income 8.8 5.9 7.5 10.3 . . Deflator of final consumption 0.9 3.5 2.7 2.1 0.9 Real gross disposable income 7.8 2.3 4.7 8.0 . . Real final consumption 5.4 5.0 4.7 3.7 . .




Unemployment rate 7.9 7.1 6.2 6.3 8.5 7.8 Total employment, y-o-y% 1.7 -0.6 1.5 0.3 -1.5 -1.4


2016 2017 2018 2019 2020 2020


Compensation of employees (+) 6.6 7.2 7.7 8.0 . -1.8 Gross operating surplus (+) 0.2 1.2 0.6 1.4 . -0.7 Net social transfers (+) -1.1 -0.4 0.4 5.7 . 3.1 Property income/other transf.(+) 3.6 -1.7 -0.3 1.1 . -0.9 Direct taxes (-) -0.5 -0.4 -0.9 -5.9 . 0.4 Gross disposable income 8.8 5.9 7.5 10.3 . 0.1


Saving, gross (1) 264.0 29.6 37.6 462.1 . 4,283.5 Non-financial investment, gross 574.0 574.8 632.4 720.4 . 1,843.9 Net lending(+)/net borrowing(-) -310.0 -545.2 -594.8 -258.3 . 2,439.6


Currency and deposits 295.3 379.2 577.3 679.9 1,353.9 2,000.9 Debt securities -42.7 -10.0 -13.7 52.3 46.2 -129.2 Investment funds and shares -178.2 -143.6 -598.6 -546.8 -808.6 489.6 Life insurance and pension schemes 165.5 115.0 144.8 125.5 184.2 551.6 Other assets 323.1 310.0 -327.6 110.8 286.1 240.8 Total assets 563.1 650.7 -217.8 421.7 1,061.8 3,153.6


Short-term loans -42.8 -5.2 13.8 -1.5 -43.4 -29.2 Long-term loans 253.5 237.4 282.5 318.0 348.8 658.0 Other liabilities -114.7 147.7 -305.3 45.2 -296.2 48.0 Total liabilities 96.0 379.9 -9.0 361.8 9.2 676.8


Luxembourg



-4

-2

0

2

4

6

8

-4

-2

0

2

4

6

8



2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

-3

-2

-1

0

1

2

3

4

5

6

-3

-2

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1

2

3

4

5

6


2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018




-8

-6

-4

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0

2

4

6

8

10

-8

-6

-4

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0

2

4

6

8

10


2010

2012

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2016

2018

2020

17Q

1

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3

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3

21Q

1

-10

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0

5

10

15

20

25

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5

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2010

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17Q

1

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3

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Luxembourg




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2009

2010

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2010

2012

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17Q

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0

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2009

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2009

2010

2011

2012

2013

2014

2015

2016

2017

2018


Luxembourg



2016 2017 2018 2019 2020 2020


Nominal gross disposable income -0.3 4.6 3.4 . . . Deflator of final consumption 0.3 1.8 2.1 1.9 1.0 Real gross disposable income -0.6 2.7 1.2 . . . Real final consumption 0.8 0.0 1.3 . . .


Savings ratio 19.4 21.5 21.4 . . 19.6 Non-financial investment ratio 12.1 12.4 11.4 . . 8.6 External financing (loans) ratio 10.3 12.7 14.0 . . 2.9 Debt ratio 170.6 172.0 177.3 . . 96.2




2016 2017 2018 2019 2020 2020


Compensation of employees (+) 1.0 3.9 4.3 . . -1.8 Gross operating surplus (+) 0.2 0.2 0.1 . . -0.7 Net social transfers (+) -0.4 0.5 0.1 . . 3.1 Property income/other transf.(+) 0.1 0.3 1.3 . . -0.9 Direct taxes (-) -1.1 -0.3 -2.5 . . 0.4 Gross disposable income -0.3 4.6 3.4 . . 0.1


Saving, gross (1) 6,745.8 7,825.9 8,065.0 . . 4,283.5 Non-financial investment, gross 4,197.7 4,471.9 4,259.5 . . 1,843.9 Net lending(+)/net borrowing(-) 2,548.1 3,354.2 3,805.3 . . 2,439.6


Currency and deposits 3,672.4 4,015.9 5,592.0 5,592.0 4,934.7 2,000.9 Debt securities -752.1 -773.4 -255.7 742.1 -1,245.5 -129.2 Investment funds and shares 1,876.6 4,416.2 2,097.2 575.5 2,979.3 489.6 Life insurance and pension schemes 1,568.9 137.0 1,479.0 903.6 1,954.2 551.6 Other assets 79.3 102.6 116.6 77.8 104.9 240.8 Total assets 6,445.1 7,898.4 9,029.1 7,891.0 8,727.6 3,153.6


Short-term loans -260.1 146.4 -25.3 -201.8 292.5 -29.2 Long-term loans 3,774.8 4,394.7 5,229.1 3,597.2 4,353.1 658.0 Other liabilities 411.9 31.1 51.4 -275.4 -60.2 48.0 Total liabilities 3,926.7 4,572.2 5,255.3 3,120.0 4,585.4 676.8


Malta


3. Compensation of employees and components 4. Labour market participation, employment andunemployment *,**


-6

-4

-2

0

2

4

6

8

10

12

-6

-4

-2

0

2

4

6

8

10

12


2010

2012

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2016

2018

2020

17Q

1

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3

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3

21Q

1

-10

-5

0

5

10

15

20

25

-10

-5

0

5

10

15

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2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

* The figures for year-to-year changes amounting to fewer than 3000 persons (for quarterly data) and 800 persons (for annual data) may not reflect actual changes in levels due to underrepresentation.** The data are temporarily affected by a break due to the definitional changes associated with the changeover to the Integrated European Social Statistics Regulation. Break-adjusted backdata are expected.

6. Household investments in financial assets andcontributions by components(EUR per capita, annual transactions and transactions over four quarters)

-3000

-1500

0

1500

3000

4500

6000

7500

-3000

-1500

0

1500

3000

4500

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7500


2010

2012

2014

2016

2018

2020

17Q

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3

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1

Note: charts 1,2,5,7 and 8 are not available for Malta

Malta



2016 2017 2018 2019 2020 2020


Nominal gross disposable income Deflator of final consumption 1.0 1.0 0.8 1.8 1.2 Real gross disposable income Real final consumption


Savings ratio 19.6 Non-financial investment ratio 8.6 External financing (loans) ratio 2.9 Debt ratio 96.2




2016 2017 2018 2019 2020 2020


Compensation of employees (+) -1.8 Gross operating surplus (+) -0.7 Net social transfers (+) 3.1 Property income/other transf.(+) -0.9 Direct taxes (-) 0.4 Gross disposable income 0.1


Saving, gross (1) 4,283.5 Non-financial investment, gross 1,843.9 Net lending(+)/net borrowing(-) 2,439.6


Currency and deposits 1,639.1 1,656.0 2,449.4 2,163.0 2,906.1 2,000.9 Debt securities 311.6 -413.0 -357.4 -59.7 -724.8 -129.2 Investment funds and shares 1,802.6 3,265.6 -1,349.2 279.9 381.7 489.6 Life insurance and pension schemes 364.1 448.2 -702.1 551.3 178.0 551.6 Other assets 432.3 1,384.3 -225.2 301.1 301.8 240.8 Total assets 4,549.7 6,341.2 -184.5 3,235.5 3,042.8 3,153.6


Short-term loans 15.6 53.3 18.1 -72.8 -176.5 -29.2 Long-term loans 609.9 720.5 788.1 1,060.9 858.3 658.0 Other liabilities 429.4 193.5 65.3 84.5 0.9 48.0 Total liabilities 1,054.9 967.2 871.5 1,072.5 682.6 676.8


Netherlands



-8

-6

-4

-2

0

2

4

6

8

10

12

-8

-6

-4

-2

0

2

4

6

8

10

12



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

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3

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19Q

3

20Q

1

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3

21Q

1

-12

-10

-8

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-4

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0

2

4

6

8

10

12

-12

-10

-8

-6

-4

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0

2

4

6

8

10

12


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-4

-2

0

2

4

6

8

-4

-2

0

2

4

6

8


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

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3

21Q

1

-300

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0

50

100

150

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300

350

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0

50

100

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300

350


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

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1

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3

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1

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1

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1


Netherlands




-8000

-7000

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2010

2012

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2018

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17Q

1

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-1500

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500

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2010

2012

2014

2016

2018

2020

17Q

1

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1

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0

20

40

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12Q

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2010

2012

2014

2016

2018

2020

17Q

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Netherlands



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 2.2 1.8 4.4 3.7 2.7 4.4 -0.2 3.9 3.4 3.8 111.1 Deflator of final consumption 0.6 1.4 2.2 2.6 1.6 1.8 1.8 1.0 1.6 1.9 Real gross disposable income 1.7 0.4 2.2 1.1 1.1 2.6 -2.0 2.9 1.8 1.8 108.0 Real final consumption 0.6 1.5 1.6 0.2 -7.1 -2.1 -13.4 -5.5 -7.4 -8.5 107.8




Unemployment rate 6.0 4.8 3.8 3.4 3.8 3.2 3.8 4.1 4.1 5.3 7.8 Total employment, y-o-y% 1.3 2.1 2.3 2.0 0.0 1.7 -0.7 -0.6 -0.4 1.3 -1.4


2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 2.3 2.7 3.8 3.9 3.1 4.1 1.3 2.3 4.8 1.2 -1.8 Gross operating surplus (+) 1.3 1.7 2.0 1.2 0.4 0.8 -0.4 1.3 0.1 1.1 -0.7 Net social transfers (+) -1.5 1.1 -1.8 -1.0 1.6 3.4 -0.5 2.9 1.3 -1.9 3.1 Property income/other transf.(+) -0.4 -0.6 0.2 1.4 -1.6 0.0 -3.0 -1.3 -1.9 0.4 -0.9 Direct taxes (-) 0.5 -3.1 0.1 -1.8 -0.7 -3.9 2.5 -1.3 -0.8 3.0 0.4 Gross disposable income 2.2 1.8 4.4 3.7 2.7 4.4 -0.2 3.9 3.4 3.8 0.1


Saving, gross (1) 3,696.0 3,434.1 3,739.3 4,290.8 5,942.3 4,520.3 5,045.0 5,457.7 5,942.3 6,497.1 4,283.5 Non-financial investment, gross 2,400.2 2,482.5 2,768.9 3,089.1 3,066.9 3,107.6 3,061.1 3,069.9 3,066.9 3,107.0 1,843.9 Net lending(+)/net borrowing(-) 1,295.8 951.6 970.4 1,201.7 2,875.4 1,412.7 1,983.9 2,387.8 2,875.4 3,390.0 2,439.6


Currency and deposits 492.0 406.3 550.9 1,234.5 2,440.2 1,249.0 1,894.7 2,101.9 2,440.2 2,826.6 2,000.9 Debt securities -44.0 -41.3 -4.0 -21.2 -3.3 -20.9 -31.8 -7.7 -3.3 -10.0 -129.2 Investment funds and shares 33.6 184.3 31.5 -541.4 -103.6 -350.8 -371.9 -423.7 -103.6 138.5 489.6 Life insurance and pension schemes 1,213.0 1,058.1 1,174.6 1,445.8 1,356.2 1,412.6 1,358.8 1,346.8 1,356.2 1,358.2 551.6 Other assets -206.6 37.5 77.8 -81.2 191.4 -17.7 -49.8 114.1 191.4 187.8 240.8 Total assets 1,488.0 1,645.0 1,830.8 2,036.6 3,880.9 2,272.2 2,800.0 3,131.3 3,880.9 4,501.1 3,153.6


Short-term loans -146.9 -75.4 -77.9 -83.1 -104.9 -111.0 -125.1 -114.6 -104.9 -133.1 -29.2 Long-term loans 663.3 756.1 769.9 671.8 930.2 729.2 766.9 861.7 930.2 1,157.6 658.0 Other liabilities -40.6 145.1 -7.4 76.8 318.4 143.1 280.3 174.9 318.4 223.6 48.0 Total liabilities 475.7 825.8 684.6 665.4 1,143.6 761.3 922.1 922.1 1,143.6 1,248.2 676.8


Austria



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2010

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2

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2010

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17Q

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-8

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0

2

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6

8

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0

2

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8


2010

2012

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2016

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2010

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Austria




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2010

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0

500

1000

1500

2000

2500

3000

3500

4000

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




0

20

40

60

80

100

0

5

10

15

20

25


12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

-3000

0

3000

6000

9000

12000

15000

-3000

0

3000

6000

9000

12000

15000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Austria



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 2.8 2.7 3.0 2.8 -1.7 -3.2 -8.9 1.7 4.1 -3.6 122.8 Deflator of final consumption 1.5 1.8 2.1 1.9 1.2 1.5 0.9 1.2 1.1 1.4 Real gross disposable income 1.3 0.9 0.9 0.9 -2.8 -4.6 -9.7 0.6 3.0 -4.9 119.0 Real final consumption 0.3 1.3 0.6 0.4 -9.7 -5.4 -16.8 -6.4 -10.0 -8.0 119.6






2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 2.1 2.2 3.6 3.0 -1.8 1.5 -5.7 -1.6 -0.8 -2.3 -1.8 Gross operating surplus (+) 0.6 0.9 0.8 0.6 -0.6 -0.9 -1.6 -0.3 0.3 -1.2 -0.7 Net social transfers (+) -0.2 -0.6 -0.5 -0.2 2.7 0.6 3.5 4.3 2.4 1.7 3.1 Property income/other transf.(+) -1.6 0.9 0.4 0.2 -3.4 -3.4 -7.6 -3.3 0.9 -2.4 -0.9 Direct taxes (-) 2.0 -0.6 -1.2 -0.7 1.4 -1.0 2.5 2.5 1.4 0.6 0.4 Gross disposable income 2.8 2.7 3.0 2.8 -1.7 -3.2 -8.9 1.7 4.1 -3.6 0.1


Saving, gross (1) -3,337.4 -3,346.7 -3,526.5 -3,747.1 -5,296.8 -3,744.0 -4,048.9 -4,473.4 -5,296.8 -5,441.6 4,283.5 Non-financial investment, gross 2,222.0 2,416.2 2,553.4 2,568.4 2,589.6 2,581.1 2,546.4 2,563.5 2,589.6 2,641.8 1,843.9 Net lending(+)/net borrowing(-) 1,115.3 930.4 973.0 1,178.7 2,707.2 1,162.9 1,502.5 1,909.9 2,707.2 2,799.7 2,439.6


Currency and deposits 1,250.0 1,066.6 1,392.1 1,427.4 2,246.7 1,441.0 1,680.4 1,900.4 2,246.7 2,201.7 2,000.9 Debt securities -303.8 -304.5 -199.2 -120.9 -368.2 -202.9 -252.8 -305.1 -368.2 -380.9 -129.2 Investment funds and shares 483.4 388.9 267.8 423.1 1,152.6 355.7 927.1 1,065.7 1,152.6 1,396.3 489.6 Life insurance and pension schemes 110.4 64.1 48.6 89.9 5.8 75.1 92.9 168.7 5.8 93.4 551.6 Other assets -36.6 214.1 94.2 54.3 368.7 295.2 242.9 98.5 368.7 -60.2 240.8 Total assets 1,503.5 1,429.2 1,603.4 1,873.8 3,405.7 1,964.2 2,690.5 2,928.2 3,405.7 3,250.4 3,153.6


Short-term loans -86.0 -57.4 27.4 -72.8 -43.8 -7.3 -24.7 -40.8 -43.8 -58.4 -29.2 Long-term loans 462.5 554.2 585.9 756.6 670.3 670.5 605.7 645.6 670.3 770.5 658.0 Other liabilities 11.5 1.9 17.1 11.2 72.0 83.3 106.8 108.0 72.0 28.5 48.0 Total liabilities 388.0 498.7 630.4 695.0 698.5 746.5 687.8 712.9 698.5 740.6 676.8


Portugal



-6

-4

-2

0

2

4

6

8

10

-6

-4

-2

0

2

4

6

8

10



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-250

-200

-150

-100

-50

0

50

100

150

200

250

-250

-200

-150

-100

-50

0

50

100

150

200

250


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Portugal




-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-40

-20

0

20

40

60

80

100

120

140

-10

-5

0

5

10

15

20

25

30

35


12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

-4000

-2000

0

2000

4000

6000

-4000

-2000

0

2000

4000

6000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Portugal



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 4.1 3.4 4.5 4.0 1.0 3.5 -2.0 1.6 1.4 -0.2 67.8 Deflator of final consumption 1.0 1.6 1.6 1.0 1.0 0.8 1.4 1.3 0.3 1.0 Real gross disposable income 3.1 1.8 2.9 3.1 0.1 2.6 -3.4 0.3 1.1 -1.2 67.2 Real final consumption 2.9 2.3 2.8 2.6 -5.9 -1.1 -15.4 -1.1 -5.9 -7.3 71.7


Savings ratio 7.0 6.6 6.8 7.1 12.8 7.9 10.7 11.1 12.8 14.2 19.6 Non-financial investment ratio 4.1 4.2 4.8 5.3 5.2 5.2 5.3 5.2 5.2 5.2 8.6 External financing (loans) ratio -1.9 0.6 0.4 1.1 1.5 1.2 0.9 1.1 1.5 1.7 2.9 Debt ratio 103.2 100.1 95.8 92.7 93.0 92.1 92.7 92.8 92.9 93.4 96.2




2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 2.5 3.9 4.2 3.0 0.7 2.6 -1.5 0.5 1.2 0.9 -1.8 Gross operating surplus (+) 0.9 0.7 1.1 1.2 -0.5 0.3 -1.0 -0.6 -0.6 -0.4 -0.7 Net social transfers (+) 0.0 -0.4 0.0 0.2 0.8 0.3 0.9 0.8 1.2 0.3 3.1 Property income/other transf.(+) 0.3 -0.7 -0.3 -0.1 0.3 0.5 0.9 -0.2 -0.1 -1.0 -0.9 Direct taxes (-) 0.5 -0.1 -0.5 -0.2 -0.3 -0.3 -1.4 1.0 -0.4 -0.1 0.4 Gross disposable income 4.1 3.4 4.5 4.0 1.0 3.5 -2.0 1.6 1.4 -0.2 0.1


Saving, gross (1) 936.4 917.5 1,017.4 1,065.0 1,920.8 1,187.9 1,595.8 1,653.5 1,920.8 2,129.5 4,283.5 Non-financial investment, gross 519.1 556.1 655.1 756.7 747.5 749.6 753.3 751.1 747.5 754.7 1,843.9 Net lending(+)/net borrowing(-) 417.3 361.5 362.3 308.3 1,173.3 438.3 842.4 902.4 1,173.3 1,374.8 2,439.6


Currency and deposits 555.0 230.2 683.9 549.0 1,372.7 736.9 992.3 1,151.3 1,372.7 1,481.6 2,000.9 Debt securities 165.1 44.0 -83.9 -73.7 -76.7 -99.4 -56.2 -48.4 -76.7 -61.6 -129.2 Investment funds and shares -142.4 203.2 -98.5 149.4 268.6 170.1 184.8 203.7 268.6 481.3 489.6 Life insurance and pension schemes -252.6 -121.5 -6.8 185.9 -237.0 107.4 -36.0 -180.6 -237.0 -285.8 551.6 Other assets -80.0 163.9 -47.6 -299.8 55.9 -242.1 -137.1 1.4 55.9 4.4 240.8 Total assets 245.1 519.8 447.1 510.9 1,383.4 673.0 947.8 1,127.4 1,383.4 1,619.9 3,153.6


Short-term loans 2.9 14.1 7.6 -10.9 -28.8 -31.9 -37.5 -38.7 -28.8 -12.6 -29.2 Long-term loans -238.6 60.5 43.1 164.3 239.3 210.9 161.5 201.4 239.3 262.0 658.0 Other liabilities 63.5 83.7 34.1 49.2 -0.3 55.7 -18.6 62.4 -0.3 -4.4 48.0 Total liabilities -172.1 158.3 84.9 202.6 210.1 234.7 105.4 225.0 210.1 245.0 676.8


Slovenia



-10

-8

-6

-4

-2

0

2

4

6

8

10

12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-18

-15

-12

-9

-6

-3

0

3

6

9

12

15

18

21

24

-18

-15

-12

-9

-6

-3

0

3

6

9

12

15

18

21

24


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-6

-3

0

3

6

9

12

-6

-3

0

3

6

9

12


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-60

-45

-30

-15

0

15

30

45

60

-60

-45

-30

-15

0

15

30

45

60


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Slovenia




-4000

-3500

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000

-4000

-3500

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

3500

4000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-200

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2200

-200

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2200


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-5

0

5

10

15

20

25

30

35

40

45

50

55

60

-5

0

5

10

15

20

25

30

35

40

45

50

55

60


12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

-2000

-1000

0

1000

2000

3000

4000

5000

6000

-2000

-1000

0

1000

2000

3000

4000

5000

6000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Slovenia



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 4.3 4.8 5.7 4.9 3.1 5.4 -3.4 2.0 8.9 3.1 66.4 Deflator of final consumption -0.4 1.6 2.0 1.3 -0.6 1.2 0.5 -2.6 -1.1 -0.1 Real gross disposable income 4.7 3.1 3.7 3.5 3.7 4.1 -3.9 4.7 10.2 3.2 66.6 Real final consumption 4.4 1.8 3.3 3.9 -10.3 -7.1 -17.6 -1.2 -15.1 -0.1 64.2


Savings ratio 11.8 13.1 13.5 13.3 . 15.6 18.5 19.8 25.1 25.6 19.6 Non-financial investment ratio 5.7 5.9 6.2 5.9 6.1 6.2 6.3 6.0 6.1 5.9 8.6 External financing (loans) ratio 1.7 2.7 2.7 2.4 0.4 1.8 1.0 0.9 0.4 0.7 2.9 Debt ratio 44.6 44.9 44.7 44.4 43.0 43.7 43.8 44.0 43.0 42.8 96.2


Unemployment rate 8.0 6.6 5.1 4.5 5.0 4.4 5.2 5.2 5.1 5.4 7.8 Total employment, y-o-y% -0.1 4.8 2.2 0.3 -0.5 0.6 -2.3 -0.4 0.4 -5.5 -1.4


2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 4.5 5.2 5.9 5.8 0.2 3.5 -4.4 0.1 2.3 2.8 -1.8 Gross operating surplus (+) 0.9 0.9 1.7 0.3 -0.2 0.4 -1.6 -0.8 1.5 2.1 -0.7 Net social transfers (+) -0.9 -0.6 -1.1 -0.8 1.4 0.0 4.8 -1.3 2.0 0.0 3.1 Property income/other transf.(+) 0.5 -0.4 0.2 0.0 1.3 1.0 -1.2 3.0 2.3 0.0 -0.9 Direct taxes (-) -0.6 -0.3 -1.0 -0.4 0.3 0.5 -1.0 1.0 0.8 -1.8 0.4 Gross disposable income 4.3 4.8 5.7 4.9 3.1 5.4 -3.4 2.0 8.9 3.1 0.1


Saving, gross (1) 1,428.6 1,681.9 1,841.7 1,890.5 3,635.5 2,231.8 2,629.7 2,813.3 3,635.5 3,754.7 4,283.5 Non-financial investment, gross 678.7 746.4 823.7 830.3 877.5 879.6 877.5 849.3 877.5 853.9 1,843.9 Net lending(+)/net borrowing(-) 749.9 935.4 1,018.0 1,060.2 2,758.0 1,352.2 1,752.2 1,964.1 2,758.0 2,900.8 2,439.6


Currency and deposits 518.3 608.1 816.8 1,092.0 1,339.5 1,051.3 1,250.3 1,135.5 1,339.5 1,414.3 2,000.9 Debt securities -9.4 1.8 11.3 -5.4 -6.9 -5.9 -5.1 -4.3 -6.9 -8.7 -129.2 Investment funds and shares 32.7 117.0 158.0 69.7 245.8 66.2 64.4 72.5 245.8 297.7 489.6 Life insurance and pension schemes 61.0 61.5 81.7 134.1 95.0 87.4 92.1 112.1 95.0 159.7 551.6 Other assets 102.8 91.9 146.5 116.4 203.2 115.8 193.6 116.5 203.2 135.5 240.8 Total assets 705.4 880.3 1,214.3 1,406.8 1,876.6 1,314.8 1,595.4 1,432.4 1,876.6 1,998.4 3,153.6


Short-term loans -2.7 -5.6 -3.4 -9.3 -12.6 -13.1 -19.2 -7.4 -12.6 5.0 -29.2 Long-term loans 208.8 342.3 366.6 341.7 75.1 269.5 163.8 134.9 75.1 98.7 658.0 Other liabilities 40.3 2.1 49.4 -24.7 -20.1 -39.8 -12.9 -29.3 -20.1 34.3 48.0 Total liabilities 246.4 338.7 412.7 307.7 42.3 216.6 131.6 98.1 42.3 138.0 676.8


Slovakia



-6

-4

-2

0

2

4

6

8

10

12

-6

-4

-2

0

2

4

6

8

10

12



2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

-4

-2

0

2

4

6

8

10

-4

-2

0

2

4

6

8

10


2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020




-8

-6

-4

-2

0

2

4

6

8

10

-8

-6

-4

-2

0

2

4

6

8

10


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-100

-75

-50

-25

0

25

50

75

-100

-75

-50

-25

0

25

50

75


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Slovakia




-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500


2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

-600

-300

0

300

600

900

1200

1500

1800

2100

-600

-300

0

300

600

900

1200

1500

1800

2100


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




0

10

20

30

40

50

60

70

80

0

5

10

15

20

Debt ratio (Left axis)Savings ratio*Non-financial investment ratioExternal financing (loans) ratio

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

-4500

-3000

-1500

0

1500

3000

4500

6000

-4500

-3000

-1500

0

1500

3000

4500

6000


2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

*Savings ratio for Slovakia only available until 2019. * Figures for revaluations and other changes of non-financial investment are ECB estimates

Slovakia



2016 2017 2018 2019 2020 2020


Nominal gross disposable income 3.5 4.8 9.2 4.9 . . Deflator of final consumption -0.3 1.4 2.3 2.7 2.2 Real gross disposable income 3.9 3.4 6.7 2.1 . . Real final consumption 3.7 4.5 3.9 2.5 . .


Savings ratio 9.2 8.9 10.7 10.2 . 19.6 Non-financial investment ratio 6.9 6.8 6.8 6.8 . 8.6 External financing (loans) ratio 7.3 7.1 5.6 5.3 . 2.9 Debt ratio 63.2 67.4 67.4 69.4 72.1 96.2


Unemployment rate 9.7 8.1 6.5 5.8 6.7 7.8 Total employment, y-o-y% 2.8 1.5 1.4 0.6 -2.0 -1.5


2016 2017 2018 2019 2020 2020


Compensation of employees (+) 3.2 5.5 5.7 5.0 . -1.8 Gross operating surplus (+) 1.7 0.7 2.5 1.1 . -0.7 Net social transfers (+) -1.1 -1.3 -0.9 -0.4 . 3.1 Property income/other transf.(+) 0.3 0.2 2.8 0.0 . -0.9 Direct taxes (-) -0.5 -0.3 -0.8 -0.7 . 0.4 Gross disposable income 3.5 4.8 9.2 4.9 . 0.1


Saving, gross (1) 841.3 775.1 1,083.8 1,106.3 . 4,225.6 Non-financial investment, gross 620.4 645.0 703.2 734.2 . 1,835.3 Net lending(+)/net borrowing(-) 220.9 130.2 380.6 372.1 . 2,390.3


Currency and deposits 588.6 296.7 496.2 622.4 578.0 1,995.3 Debt securities 57.9 85.2 74.6 56.3 48.8 -122.4 Investment funds and shares 72.2 105.1 9.1 96.0 87.6 464.4 Life insurance and pension schemes 130.2 186.3 91.5 214.9 201.5 533.1 Other assets 73.8 17.0 80.0 91.1 63.0 245.7 Total assets 922.8 690.3 751.3 1,080.8 978.8 3,116.1


Short-term loans -21.6 12.8 1.0 -33.2 . -30.0 Long-term loans 684.3 663.2 582.4 603.9 . 657.4 Other liabilities -14.9 -165.8 -150.6 -158.4 . 31.7 Total liabilities 647.7 510.1 432.8 412.3 . 659.1


Finland



-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

7

8

9

-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

7

8

9



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

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3

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3

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-10

-8

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-2

0

2

4

6

8

10

-10

-8

-6

-4

-2

0

2

4

6

8

10


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

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3

19Q

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19Q

3

20Q

1

20Q

3

21Q

1




-6

-3

0

3

6

-6

-3

0

3

6


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

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3

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1

-125

-100

-75

-50

-25

0

25

50

75

100

-125

-100

-75

-50

-25

0

25

50

75

100


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

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19Q

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20Q

1

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3

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1


Finland




-7000

-5500

-4000

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-1000

500

2000

3500

5000

6500

-7000

-5500

-4000

-2500

-1000

500

2000

3500

5000

6500


2010

2012

2014

2016

2018

2020

17Q

1

17Q

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19Q

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1

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1

-1000

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0

500

1000

1500

2000

2500

3000

-1000

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0

500

1000

1500

2000

2500

3000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

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1

18Q

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19Q

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20Q

1

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1




0

30

60

90

120

150

0

5

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12Q

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13Q

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14Q

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-6000

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8000

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12000

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12000

Financial investmentNon-financial investmentFinancial liabilities (-)Revaluations and other changes, non-financial*Revaluations and other changes, financialChange in net worth

2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

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1

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3

21Q

1


Finland



2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 1.6 2.2 3.2 3.2 0.2 4.0 -2.9 -0.3 0.5 -1.4 118.2 Deflator of final consumption 0.2 1.0 1.3 1.0 0.5 0.9 0.2 0.6 0.3 0.9 Real gross disposable income 1.4 1.1 1.9 2.1 -0.3 3.0 -3.0 -0.8 0.2 -2.3 119.3 Real final consumption 2.2 0.5 1.6 0.6 -4.8 -0.2 -10.7 -3.4 -4.7 -4.7 126.3






2020 2020 2020 2020 2021 20202016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 1.2 0.4 3.0 2.4 -1.2 2.9 -3.5 -2.0 -1.8 -0.4 -1.8 Gross operating surplus (+) 0.6 0.5 0.7 0.7 0.0 0.0 0.2 -0.1 0.0 -0.3 -0.7 Net social transfers (+) -0.3 0.8 -0.2 0.2 2.5 0.2 3.5 3.1 3.0 1.0 3.1 Property income/other transf.(+) 0.5 0.7 -0.1 0.4 -0.8 0.7 -3.7 0.1 0.2 -1.2 -0.9 Direct taxes (-) -0.3 -0.2 -0.2 -0.6 -0.3 0.1 0.6 -1.3 -0.8 -0.5 0.4 Gross disposable income 1.6 2.2 3.2 3.2 0.2 4.0 -2.9 -0.3 0.5 -1.4 0.1


Saving, gross (1) 1,390.5 1,489.4 1,660.3 2,080.5 3,097.9 2,270.0 2,675.4 2,814.5 3,097.9 3,218.5 4,283.5 Non-financial investment, gross 2,799.1 2,913.2 3,061.5 3,151.0 3,106.5 3,142.4 3,118.2 3,131.4 3,106.5 3,120.8 1,843.9 Net lending(+)/net borrowing(-) -1,408.7 -1,423.8 -1,401.2 -1,070.5 -8.7 -872.4 -442.9 -316.9 -8.7 97.7 2,439.6


Currency and deposits 812.9 594.5 941.9 1,148.8 1,625.8 992.2 1,227.1 1,612.3 1,625.8 1,635.5 2,000.9 Debt securities -94.7 -129.7 28.1 -67.1 -103.9 -83.1 -96.6 -98.3 -103.9 -105.9 -129.2 Investment funds and shares 123.8 500.6 296.1 449.2 582.3 527.1 394.4 482.3 582.3 731.7 489.6 Life insurance and pension schemes 291.7 245.9 -31.5 184.6 88.0 -152.9 -19.5 -94.5 88.0 403.6 551.6 Other assets -221.7 -109.5 135.5 109.5 107.9 212.3 220.5 83.2 107.9 163.3 240.8 Total assets 912.0 1,101.8 1,370.0 1,825.0 2,300.0 1,495.7 1,725.9 1,984.9 2,300.0 2,828.3 3,153.6


Short-term loans -19.6 171.8 131.9 91.8 -63.2 139.7 -26.4 -37.1 -63.2 -125.4 -29.2 Long-term loans 1,075.9 833.6 1,083.8 945.8 1,235.8 1,008.7 1,011.7 1,090.3 1,235.8 1,172.3 658.0 Other liabilities 765.7 742.2 1,241.0 643.4 680.9 -247.6 944.2 -151.3 680.9 295.4 48.0 Total liabilities 1,821.9 1,747.5 2,456.7 1,680.9 1,853.4 900.8 1,929.4 901.9 1,853.4 1,342.3 676.8


Bulgaria



-8

-4

0

4

8

12

16

20

24

-8

-4

0

4

8

12

16

20

24



2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

-15

-10

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30

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-5

0

5

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30


2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017




-8

-4

0

4

8

12

16

20

24

-8

-4

0

4

8

12

16

20

24


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

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2010

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2020

17Q

1

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3

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1

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3

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1

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1


Bulgaria


6. Household investments in financial assets andcontributions by components


(national currency per capita, annual transactions and transactions (transactions over four quarters as a percentage of disposable income, over four quarters) except for debt ratio: outstanding debt over disposable income)

-1200

-900

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2400

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2010

2012

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2016

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2020

17Q

1

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3

20Q

1

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1

-80

-60

-40

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80

-20

-15

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-5

0

5

10

15

20


2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Note: charts 5 and 8 are not available for Bulgaria

Bulgaria


2016 2017 2018 2019 2020

ECB reference exchange rate, average through period

Bulgarian lev / Euro 1.96 1.96 1.96 1.96 1.96


2016 2017 2018 2019 2020


Nominal gross disposable income 5.3 8.0 . . . Deflator of final consumption 0.4 3.1 2.2 2.1 0.5 Real gross disposable income 4.8 4.7 . . . Real final consumption 3.8 4.4 . . .


Savings ratio -0.3 0.6 . . . Non-financial investment ratio - - . . . External financing (loans) ratio 2.1 2.9 . . . Debt ratio 38.3 37.6 . . .

1.3 Employment

Unemployment rate 7.5 6.2 5.2 4.2 5.1 Total employment, y-o-y% -0.5 4.4 0.0 2.6 -3.5


2016 2017 2018 2019 2020

2.1 Decomposition of gross Contribution to annual percentage change disposable income

Compensation of employees (+) 6.2 8.7 . . . Gross operating surplus (+) 1.7 -2.3 . . . Net social transfers (+) 0.3 -2.2 . . . Property income/other transf.(+) -2.6 4.7 . . . Direct taxes (-) -0.4 -0.9 . . . Gross disposable income 5.3 8.0 . . .

2.2 Saving, investment and National currency per capita net borrowing flows

Saving, gross (1) 127.6 130.8 . . . Non-financial investment, gross - - . . . Net lending(+)/net borrowing(-) -294.9 -207.6 . . .

2.3 Financial investment National currency per capita

Currency and deposits 557.9 200.3 569.0 524.7 988.0 Debt securities 14.0 26.2 -19.4 12.5 6.4 Investment funds and shares 555.1 857.9 161.7 926.7 -1,097.9 Life insurance and pension schemes 214.5 293.4 157.7 401.2 295.7 Other assets 73.2 107.6 93.4 143.6 6.9 Total assets 1,414.8 1,485.3 962.4 2,008.7 199.1

2.4 Financial liabilities National currency per capita

Short-term loans 6.6 -2.7 23.8 4.7 -7.8 Long-term loans 156.8 297.1 298.3 373.8 270.0 Other liabilities -4.6 127.0 29.2 158.6 12.4 Total liabilities 158.7 421.4 351.2 537.2 274.6


Czech Republic



-6

-4

-2

0

2

4

6

8

10

12

14

-6

-4

-2

0

2

4

6

8

10

12

14



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

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3

21Q

1

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

14

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

14


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-8

-6

-4

-2

0

2

4

6

8

10

12

-8

-6

-4

-2

0

2

4

6

8

10

12


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-150

-100

-50

0

50

100

-150

-100

-50

0

50

100


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Czech Republic



(national currency per capita, annual transactions and transactions (national currency per capita, annual transactions and transactions over four quarters) over four quarters)

-105000

-90000

-75000

-60000

-45000

-30000

-15000

0

15000

30000

45000

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75000

90000

105000

-105000

-90000

-75000

-60000

-45000

-30000

-15000

0

15000

30000

45000

60000

75000

90000

105000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

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3

21Q

1

-5000

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5000

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65000

-5000

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10000

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20000

25000

30000

35000

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45000

50000

55000

60000

65000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1



(transactions over four quarters as a percentage of disposable income, (national currency per capita, annual flows and flows over four quarters) except for debt ratio: outstanding debt over disposable income)

0

10

20

30

40

50

60

70

80

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0

3

6

9

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21

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27

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1

-24000

-12000

0

12000

24000

36000

48000

60000

72000

84000

96000

108000

120000

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144000

156000

-24000

-12000

0

12000

24000

36000

48000

60000

72000

84000

96000

108000

120000

132000

144000

156000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Czech Republic


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Czech koruna / Euro 27.03 26.33 25.65 25.67 26.46 25.63 27.06 26.48 26.67 26.07


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 3.3 6.8 6.3 6.2 5.1 7.2 2.4 5.6 5.3 3.7 Deflator of final consumption 0.4 2.3 2.5 2.8 2.8 3.7 3.1 2.5 1.9 1.2 Real gross disposable income 2.8 4.4 3.7 3.3 2.3 3.4 -0.7 3.0 3.3 2.4 Real final consumption 3.0 4.0 2.3 2.2 -10.0 -2.5 -10.2 -5.4 -10.0 -6.3


Savings ratio 11.3 11.8 12.2 12.4 18.5 14.4 16.4 18.2 21.0 22.7 Non-financial investment ratio 10.1 8.2 9.1 9.9 9.0 9.6 9.4 9.1 9.0 9.0 External financing (loans) ratio 3.7 4.0 4.0 3.3 3.3 3.3 3.0 3.1 3.3 3.5 Debt ratio 58.0 58.2 58.6 58.5 59.1 57.8 58.1 58.4 58.6 58.9

1.3 Employment

Unemployment rate 4.0 2.9 2.2 2.0 2.6 2.1 2.5 2.7 2.9 3.5 Total employment, y-o-y% 1.9 1.6 1.4 0.1 -1.2 -0.5 -1.5 -1.4 -1.6 -1.5


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 4.6 7.1 7.3 5.5 1.3 4.6 -3.3 0.8 3.1 0.3 Gross operating surplus (+) 0.4 1.4 2.1 1.4 -0.4 0.2 -1.5 0.0 -0.2 0.7 Net social transfers (+) -1.0 -1.6 -1.4 -0.4 3.1 1.8 4.5 4.0 2.2 1.0 Property income/other transf.(+) 0.2 1.3 -0.1 -0.2 0.8 0.8 0.4 1.1 1.0 0.8 Direct taxes (-) -0.9 -1.4 -1.6 -0.2 0.3 -0.2 2.3 -0.2 -0.8 0.8 Gross disposable income 3.3 6.8 6.3 6.2 5.1 7.2 2.4 5.6 5.3 3.7

2.2 Saving, investment and National currency per capita, four quarter sum net borrowing flows

Saving, gross (1) 30,375.9 31,920.7 35,017.3 40,186.6 68,996.6 44,465.9 53,022.3 58,985.1 68,996.6 75,885.9 Non-financial investment, gross 24,428.6 21,242.6 25,108.7 28,800.3 27,640.2 28,469.7 28,142.0 27,640.5 27,640.2 27,865.9 Net lending(+)/net borrowing(-) 5,947.3 10,678.1 9,908.6 11,386.4 41,356.4 15,996.2 24,880.3 31,344.6 41,356.4 48,020.1

2.3 Financial investment National currency per capita, four quarter sum

Currency and deposits 21,420.7 18,945.0 18,822.0 17,211.2 36,837.7 21,744.8 27,714.0 29,764.1 36,837.7 42,931.0 Debt securities -1,164.5 -3,201.1 -3,141.9 682.4 -1,184.5 297.0 -213.4 143.7 -1,184.5 -1,827.9 Investment funds and shares 1,061.5 9,255.0 6,844.4 13,116.3 6,221.4 10,896.1 10,503.2 9,535.4 6,221.4 8,094.0 Life insurance and pension schemes 3,469.6 2,884.9 1,850.5 3,897.1 3,836.3 2,509.6 3,522.1 3,578.3 3,836.3 5,095.4 Other assets 1,504.1 1,960.1 764.3 1,163.1 6,941.8 1,930.6 3,603.1 5,271.5 6,941.8 6,898.1 Total assets 26,291.4 29,843.9 25,139.3 36,070.0 52,652.6 37,378.2 45,129.0 48,292.9 52,652.6 61,190.5

2.4 Financial liabilities National currency per capita, four quarter sum

Short-term loans -614.2 -676.6 -329.3 -198.7 -705.1 -269.9 -440.8 -513.8 -705.1 -422.7 Long-term loans 9,628.1 11,038.1 11,239.0 9,923.8 10,751.4 10,090.3 9,430.7 9,869.1 10,751.4 11,376.8 Other liabilities 812.9 10,499.4 -72.3 922.0 6,611.8 1,870.7 3,452.7 5,031.3 6,611.8 6,539.9 Total liabilities 9,826.8 20,860.9 10,837.3 10,647.1 16,658.1 11,691.1 12,442.6 14,386.6 16,658.1 17,494.1


Denmark



-9

-6

-3

0

3

6

9

12

-9

-6

-3

0

3

6

9

12



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-6

-4

-2

0

2

4

6

8

-6

-4

-2

0

2

4

6

8


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-4

-2

0

2

4

6

-4

-2

0

2

4

6


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-75

-50

-25

0

25

50

75

-75

-50

-25

0

25

50

75


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

Denmark maintains a fixed-exchange-rate policy vis-à-vis the euro area and participates * The data are temporarily affected by a break due to the definitionalin the European Exchange Rate Mechanism, ERM 2, at a central rate of 746.038 DKK changes associated with the changeover to the Integrated European Social per 100 EUR with a fluctuation band of +/- 2.25 per cent. In reality the fluctuations are far smaller Statistics Regulation. Break-adjusted backdata are expected.

Denmark




-75000

-60000

-45000

-30000

-15000

0

15000

30000

45000

60000

75000

-75000

-60000

-45000

-30000

-15000

0

15000

30000

45000

60000

75000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

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3

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1

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3

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1

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1

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-20000

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10000

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30000

40000

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-20000

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10000

20000

30000

40000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




0

50

100

150

200

250

300

0

5

10

15

20

25

30

Debt ratio * (Left axis)Savings ratioNon-financial investment ratioExternal financing (loans) ratio *

12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

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1

-120000

-80000

-40000

0

40000

80000

120000

160000

200000

240000

280000

320000

-120000

-80000

-40000

0

40000

80000

120000

160000

200000

240000

280000

320000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

* Debt ratio figures prior to 2012 Q4 as well as external financing ratio figures prior * Figures for revaluations and other changes of non-financial investment are ECB to 2013 Q3 are based on ESA95 series. estimates

Denmark


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Danish krone / Euro 7.45 7.44 7.45 7.47 7.45 7.47 7.46 7.44 7.44 7.44


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 3.6 2.6 2.5 3.0 0.4 1.5 0.7 2.5 -3.1 4.1 Deflator of final consumption 0.1 1.0 0.6 0.8 0.5 1.0 0.2 0.4 0.3 0.7 Real gross disposable income 3.5 1.5 1.9 2.3 -0.1 0.5 0.5 2.1 -3.4 3.4 Real final consumption 1.1 2.1 1.4 2.2 0.9 -2.4 -5.4 0.9 0.9 -2.1


Savings ratio 11.5 11.8 11.9 9.7 11.9 10.5 12.1 12.6 11.9 13.2 Non-financial investment ratio 8.0 8.7 8.9 9.5 10.0 9.5 9.5 9.7 10.0 10.2 External financing (loans) ratio 2.1 1.7 2.8 3.3 1.7 3.3 2.1 1.1 1.7 3.4 Debt ratio 220.1 216.2 210.6 214.2 . 210.8 211.2 211.4 214.0 210.4

1.3 Employment

Unemployment rate 6.0 5.8 5.1 5.0 5.6 5.2 5.4 6.1 5.8 6.4 Total employment, y-o-y% 1.9 1.0 1.6 1.6 -0.9 1.0 -1.8 -1.6 -1.0 -1.7


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 2.5 2.7 2.8 3.2 1.5 2.4 -0.1 1.3 2.5 2.8 Gross operating surplus (+) 0.3 1.0 0.1 0.7 0.5 1.4 1.0 -0.2 -0.3 -1.3 Net social transfers (+) -0.1 -0.4 -0.5 3.8 0.7 0.2 0.4 1.0 1.1 0.5 Property income/other transf.(+) 0.5 0.5 -0.6 1.4 -1.5 -3.3 -1.4 -0.7 -0.4 1.7 Direct taxes (-) 0.5 -1.2 0.7 -6.2 -0.8 0.9 0.8 1.0 -6.1 0.4 Gross disposable income 3.6 2.6 2.5 3.0 0.4 1.5 0.7 2.5 -3.1 4.1


Saving, gross (1) 23,249.1 24,253.6 24,661.0 19,704.2 25,323.2 21,925.1 25,382.7 26,685.5 25,323.2 27,783.3 Non-financial investment, gross 15,468.3 17,318.0 18,210.0 19,460.6 20,879.6 19,673.9 19,709.5 20,294.3 20,879.6 21,485.5 Net lending(+)/net borrowing(-) 7,781.0 6,936.0 6,450.9 243.4 4,443.6 2,251.2 5,673.1 6,391.2 4,443.6 6,297.7


Currency and deposits 9,371.9 8,024.2 9,691.5 16,114.0 16,828.1 13,003.4 13,290.6 13,228.3 16,828.1 13,432.2 Debt securities -619.3 -1,562.3 -558.4 -579.1 -445.8 -744.2 -985.6 -301.8 -445.8 -463.7 Investment funds and shares -9,479.8 4,141.0 -1,572.7 1,994.5 10,630.1 -750.2 3,045.0 5,990.4 10,630.1 16,173.4 Life insurance and pension schemes 9,987.8 10,028.2 11,855.1 906.8 3,159.3 11,683.0 7,943.3 10,474.9 3,159.3 -389.3 Other assets -1,286.0 -9,270.4 -9,251.1 -1,585.1 -19,162.7 -7,056.8 -5,712.3 -14,240.6 -19,162.7 -22,125.3 Total assets 7,974.6 11,360.7 10,164.5 16,851.2 11,008.9 16,135.3 17,581.1 15,151.1 11,008.9 6,627.4


Short-term loans -440.5 340.8 -148.5 -433.8 105.3 -409.3 -529.3 -326.2 105.3 616.2 Long-term loans 4,576.6 3,115.4 5,918.0 7,266.6 3,528.2 7,145.4 4,817.7 2,690.3 3,528.2 6,490.8 Other liabilities -4,690.1 975.3 -2,059.4 9,775.6 2,920.5 7,147.1 7,610.0 6,385.9 2,920.5 -6,787.4 Total liabilities -554.0 4,431.5 3,710.1 16,608.4 6,554.0 13,883.2 11,898.4 8,750.0 6,554.0 319.6


Croatia



-6

-4

-2

0

2

4

6

8

10

-6

-4

-2

0

2

4

6

8

10



2009

2011

2013

2015

2017

2019

14Q

2

14Q

4

15Q

2

15Q

4

16Q

2

16Q

4

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12


2009

2011

2013

2015

2017

2019

14Q

2

14Q

4

15Q

2

15Q

4

16Q

2

16Q

4




-6

-4

-2

0

2

4

6

8

-6

-4

-2

0

2

4

6

8


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-125

-100

-75

-50

-25

0

25

50

75

-125

-100

-75

-50

-25

0

25

50

75


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Croatia





-4000

-2000

0

2000

4000

6000

8000

10000

-4000

-2000

0

2000

4000

6000

8000

10000


2009

2011

2013

2015

2017

2019

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-17

-7

3

13

23

33

43

53

63

-5

-2

1

4

7

10

13

16

19

Debt ratio (Left axis)Savings ratioNon-financial investment ratio*External financing (loans) ratio

14Q

1

14Q

2

14Q

3

14Q

4

15Q

1

15Q

2

15Q

3

15Q

4

16Q

1

16Q

2

16Q

3

16Q

4

Note: charts 5 and 8 are not available for Croatia *Non-financial investment ratio not available for Croatia.

Croatia


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Croatian kuna / Euro 7.53 7.46 7.42 7.42 7.54 7.49 7.58 7.53 7.56 7.57


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income . . . . . . . . . . Deflator of final consumption -1.1 0.9 1.4 0.8 0.2 1.2 -0.3 0.1 -0.1 0.5 Real gross disposable income . . . . . . . . . . Real final consumption . . . . . . . . . .


Savings ratio 9.2 9.4 9.9 10.0 . . . . . . Non-financial investment ratio External financing (loans) ratio . . . . . . . . . . Debt ratio 54.8 53.2 52.7 53.8 . . . . . .

1.3 Employment

Unemployment rate 13.1 11.1 8.4 6.6 7.5 6.6 7.3 8.1 8.0 9.5 Total employment, y-o-y% 0.3 2.3 1.7 1.5 -1.4 -0.8 -0.8 -1.5 -2.3 -1.0


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) . . . . . . . . . . Gross operating surplus (+) . . . . . . . . . . Net social transfers (+) . . . . . . . . . . Property income/other transf.(+) . . . . . . . . . . Direct taxes (-) . . . . . . . . . . Gross disposable income . . . . . . . . . .


Saving, gross (1) . . . . . . . . . . Non-financial investment, gross Net lending(+)/net borrowing(-) . . . . . . . . . .


Currency and deposits 1,236.7 1,411.8 2,948.1 2,065.8 4,561.8 3,244.0 3,418.0 3,558.6 4,561.8 4,165.6 Debt securities 27.4 -23.5 13.1 17.9 14.5 -15.6 6.7 -14.3 14.5 5.4 Investment funds and shares -593.0 918.1 1,792.9 2,277.7 -166.2 1,164.4 647.8 -78.1 -166.2 791.8 Life insurance and pension schemes 551.6 1,012.4 1,206.6 3,511.2 1,221.7 1,330.1 1,370.8 1,514.1 1,221.7 3,480.2 Other assets 115.9 127.9 182.1 283.8 276.9 278.1 223.9 252.3 276.9 290.3 Total assets 1,338.6 3,446.8 6,142.8 8,156.4 5,908.6 6,001.0 5,667.2 5,232.6 5,908.6 8,733.3


Short-term loans 70.4 208.9 104.7 112.2 -135.4 -9.2 -163.2 -37.9 -135.4 -88.7 Long-term loans 6.8 986.4 1,771.4 2,215.8 845.1 1,952.9 1,343.3 1,229.2 845.1 913.4 Other liabilities 54.5 132.4 83.8 104.2 181.0 -26.2 395.6 169.0 181.0 318.1 Total liabilities 131.7 1,327.7 1,960.0 2,432.1 890.7 1,917.5 1,575.7 1,360.4 890.7 1,142.8


Hungary



-4

-2

0

2

4

6

8

10

12

14

-4

-2

0

2

4

6

8

10

12

14



2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019




-10

-8

-6

-4

-2

0

2

4

6

8

10

12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-300

-225

-150

-75

0

75

150

225

-300

-225

-150

-75

0

75

150

225


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Hungary




-600000

-500000

-400000

-300000

-200000

-100000

0

100000

200000

300000

400000

500000

600000

-600000

-500000

-400000

-300000

-200000

-100000

0

100000

200000

300000

400000

500000

600000


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-400000

-300000

-200000

-100000

0

100000

200000

300000

400000

500000

-400000

-300000

-200000

-100000

0

100000

200000

300000

400000

500000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-40

-20

0

20

40

60

80

-10

-5

0

5

10

15

20


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

-500000

0

500000

1000000

1500000

2000000

2500000

-500000

0

500000

1000000

1500000

2000000

2500000


2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019


Hungary


2016 2017 2018 2019 2020


Hungarian forint / Euro 311.44 309.19 318.89 325.30 351.25


2016 2017 2018 2019 2020


Nominal gross disposable income 5.5 8.1 10.7 9.3 . Deflator of final consumption 1.0 3.3 3.3 4.4 3.3 Real gross disposable income 4.5 4.6 7.1 4.7 . Real final consumption 5.0 5.3 5.2 5.1 .


Savings ratio 11.7 11.1 12.7 12.2 14.7 Non-financial investment ratio 6.6 7.4 7.5 7.9 . External financing (loans) ratio 0.3 0.8 1.6 4.3 . Debt ratio 35.4 33.0 31.3 32.8 36.0


Unemployment rate 5.1 4.2 3.7 3.4 4.3 Total employment, y-o-y% 3.3 1.6 1.1 1.0 -1.1


2016 2017 2018 2019 2020


Compensation of employees (+) 5.0 6.5 6.5 5.9 . Gross operating surplus (+) 2.0 2.1 3.3 3.9 . Net social transfers (+) -1.6 0.5 0.0 -0.4 . Property income/other transf.(+) 0.2 0.1 2.1 1.1 . Direct taxes (-) -0.2 -1.1 -1.2 -1.1 . Gross disposable income 5.5 8.1 10.7 9.3 .

2.2 Saving, investment and National currency per capita net borrowing flows

Saving, gross (1) 281,365.8 293,929.7 359,296.8 374,915.9 . Non-financial investment, gross 137,600.9 167,792.0 189,159.9 214,687.8 . Net lending(+)/net borrowing(-) 143,764.9 126,137.7 170,136.9 160,228.1 .

2.3 Financial investment National currency per capita

Currency and deposits 72,349.2 77,014.4 200,617.7 103,771.1 270,142.0 Debt securities 83,286.0 92,416.5 80,324.7 223,987.5 102,168.6 Investment funds and shares 6,733.4 33,653.0 14,510.6 -9,542.1 49,402.2 Life insurance and pension schemes 13,467.6 14,110.7 14,062.9 14,711.3 26,278.5 Other assets 41,459.7 32,266.8 14,858.3 42,060.4 17,992.6 Total assets 217,295.9 249,461.3 324,374.1 374,988.1 465,983.9

2.4 Financial liabilities National currency per capita

Short-term loans 6,495.7 2,974.8 -2,927.1 2,949.5 -872.2 Long-term loans 322.8 15,136.5 43,351.0 114,536.2 131,047.9 Other liabilities 7,814.9 3,321.8 8,852.8 11,054.8 2,545.0 Total liabilities 14,633.4 21,433.2 49,276.6 128,540.5 132,720.7


Poland



-4

-2

0

2

4

6

8

10

12

14

-4

-2

0

2

4

6

8

10

12

14



2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-12

-9

-6

-3

0

3

6

9

12

15

18

21

24

-12

-9

-6

-3

0

3

6

9

12

15

18

21

24


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1




-4

-2

0

2

4

6

8

10

12

-4

-2

0

2

4

6

8

10

12


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Poland





-4500

-3000

-1500

0

1500

3000

4500

6000

7500

-4500

-3000

-1500

0

1500

3000

4500

6000

7500


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

0

10

20

30

40

50

60

70

80

0

1

2

3

4

5

6

7

8

9

10

11

12


12Q

1

13Q

1

14Q

1

15Q

1

16Q

1

17Q

1

18Q

1

19Q

1

20Q

1

21Q

1

8. Changes to household net worth(national currency per capita, annual flows and flows over four quarters)

-3000

-1500

0

1500

3000

4500

6000

7500

9000

10500

12000

13500

15000

-3000

-1500

0

1500

3000

4500

6000

7500

9000

10500

12000

13500

15000


2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

* Figures for revaluations and other changes of non-financial investment are ECB estimates Note: chart 5 is not available for Poland

Poland


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Polish zloty / Euro 4.36 4.26 4.26 4.30 4.44 4.32 4.50 4.44 4.51 4.55


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 5.2 5.3 4.9 7.8 8.3 12.2 11.5 6.4 4.0 3.1 Deflator of final consumption -0.4 2.0 1.7 2.4 3.3 4.1 2.9 3.1 2.9 3.3 Real gross disposable income 5.6 3.2 3.2 5.3 4.9 7.8 8.3 3.1 1.1 -0.2 Real final consumption 5.0 4.9 5.3 4.1 -3.0 1.1 -10.6 0.4 -3.0 0.0



1.3 Employment

Unemployment rate 6.1 4.9 3.9 3.3 3.2 3.0 3.1 3.2 3.2 4.0 Total employment, y-o-y% 0.7 1.4 0.4 -0.2 -0.1 1.0 -1.3 -0.6 0.6 0.0


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 3.7 4.2 5.5 5.0 3.3 5.5 1.9 3.0 3.2 2.9 Gross operating surplus (+) 1.3 2.0 1.5 2.1 2.8 2.9 6.2 2.5 0.0 1.7 Net social transfers (+) 1.2 -0.2 -0.7 0.8 1.8 2.3 3.2 0.8 1.0 1.1 Property income/other transf.(+) -0.3 0.0 -0.3 0.2 0.2 -0.1 0.6 -0.1 0.4 -0.4 Direct taxes (-) -0.6 -0.8 -1.1 -0.3 0.1 1.5 -0.3 0.2 -0.6 -2.1 Gross disposable income 5.2 5.3 4.9 7.8 8.3 12.2 11.5 6.4 4.0 3.1


Saving, gross (1) 1,340.9 964.3 564.7 1,088.5 3,937.5 1,618.7 3,297.8 3,518.3 3,937.5 3,923.6 Non-financial investment, gross 2,231.4 2,274.4 1,873.4 2,077.7 1,795.1 2,049.0 1,944.6 1,887.7 1,795.1 1,884.6 Net lending(+)/net borrowing(-) -890.6 -1,310.2 -1,308.7 -989.1 2,142.3 -430.3 1,353.2 1,630.6 2,142.3 2,039.0


Currency and deposits 2,237.3 1,179.1 2,416.9 2,609.6 4,582.0 3,109.7 4,420.3 4,177.6 4,582.0 4,069.3 Debt securities 44.0 42.6 38.1 55.7 -98.3 -32.3 -60.2 -73.4 -98.3 -70.4 Investment funds and shares 193.4 -1,033.9 -173.3 -1,015.1 294.7 -1,689.9 -890.6 -849.4 294.7 1,104.1 Life insurance and pension schemes 417.6 270.6 190.7 283.0 250.5 183.3 197.4 188.7 250.5 311.7 Other assets 16.4 185.1 189.4 261.9 416.7 338.3 384.5 410.7 416.7 448.0 Total assets 2,908.8 643.5 2,661.8 2,195.1 5,445.5 1,909.0 4,051.4 3,854.0 5,445.5 5,862.6


Short-term loans 35.7 -16.7 -16.7 33.0 -282.4 -132.5 -226.1 -249.5 -282.4 -133.7 Long-term loans 687.4 895.8 1,117.4 1,091.2 604.0 1,157.0 862.6 690.4 604.0 449.3 Other liabilities 11.0 51.4 38.6 -3.1 99.5 29.1 63.9 81.6 99.5 49.9 Total liabilities 734.1 930.5 1,139.3 1,121.2 421.0 1,053.6 700.4 522.5 421.0 365.5


Romania



-10

0

10

20

30

-10

0

10

20

30



2009

2011

2013

2015

2017

2019

15Q

4

16Q

2

16Q

4

17Q

2

17Q

4

18Q

2

18Q

4

19Q

2

19Q

4

-10

0

10

20

30

-10

0

10

20

30

Real consumptionConsumption deflatorNominal disposable income

2009

2011

2013

2015

2017

2019

15Q

4

16Q

2

16Q

4

17Q

2

17Q

4

18Q

2

18Q

4

19Q

2

19Q

4




-20

-10

0

10

20

-20

-10

0

10

20


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-1400

-1200

-1000

-800

-600

-400

-200

0

200

400

600

-1400

-1200

-1000

-800

-600

-400

-200

0

200

400

600


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1


Romania





-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000


2010

2012

2014

2016

2018

2020

17Q

1

17Q

3

18Q

1

18Q

3

19Q

1

19Q

3

20Q

1

20Q

3

21Q

1

-20

0

20

40

60

-5

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10

15

Debt ratio (Left axis)Non-financial investment ratioExternal financing (loans) ratio

10Q

4

11Q

4

12Q

4

13Q

4

14Q

4

15Q

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4

17Q

4

18Q

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19Q

4

Note: charts 5 and 8 are not available for Romania

Romania


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Romanian leu / Euro 4.49 4.57 4.65 4.75 4.84 4.80 4.84 4.85 4.87 4.88


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 9.1 14.6 10.8 11.5 . . . . . . Deflator of final consumption 0.5 2.6 3.8 5.2 2.4 1.1 3.3 2.9 2.2 3.8 Real gross disposable income 8.6 11.6 6.5 6.1 . . . . . . Real final consumption 5.6 12.6 9.3 8.0 . 4.1 -12.4 -4.1 -5.9 0.9


Savings ratio 6.2 11.2 8.3 5.4 . . . . . . Non-financial investment ratio 1.1 1.8 1.9 1.7 . . . . . . External financing (loans) ratio 26.3 25.0 24.7 24.0 . . . . . . Debt ratio

1.3 Employment 5.9 4.9 4.2 3.9 5.0 4.2 5.3 5.3 5.3 6.0

Unemployment rate -1.0 2.6 0.2 -0.1 -1.8 0.4 -3.5 -2.4 -1.7 -10.5 Total employment, y-o-y% . . . . . . . . . .


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 9.5 11.1 9.6 7.5 . . . . . . Gross operating surplus (+) 1.8 4.1 2.9 3.8 . . . . . . Net social transfers (+) -1.0 -0.8 -3.5 -1.1 . . . . . . Property income/other transf.(+) -0.3 0.9 0.2 2.3 . . . . . . Direct taxes (-) -0.9 -0.7 1.6 -1.0 . . . . . . Gross disposable income 9.1 14.6 10.8 11.5 . . . . . .


Saving, gross (1) - - - - . . . . . . Non-financial investment, gross 1,506.2 3,132.3 2,549.8 1,850.8 . . . . . . Net lending(+)/net borrowing(-) - - - - . . . . . .


Currency and deposits 1,018.9 1,044.7 867.4 1,308.2 1,961.1 1,570.5 1,713.2 1,847.1 1,961.1 1,816.6 Debt securities 15.4 -102.8 343.2 124.5 -11.3 116.7 151.2 97.6 -11.3 52.3 Investment funds and shares 196.9 510.1 -17.7 133.2 -168.8 61.7 142.7 222.2 -168.8 76.1 Life insurance and pension schemes 421.0 451.5 456.9 648.7 587.1 595.0 566.2 587.4 587.1 666.6 Other assets 2,161.0 -3,394.6 -3,513.1 971.7 139.2 870.3 849.1 935.1 139.2 246.9 Total assets 3,813.2 -1,491.1 -1,863.3 3,186.3 2,507.3 3,214.3 3,422.4 3,689.3 2,507.3 2,858.5


Short-term loans 12.7 19.9 9.8 19.2 -27.9 -2.4 -7.7 -11.2 -27.9 -12.3 Long-term loans 253.3 489.5 591.1 572.7 334.9 612.5 433.3 385.8 334.9 356.5 Other liabilities 465.7 181.0 255.2 661.8 -52.4 622.9 629.6 651.9 -52.4 -0.7 Total liabilities 731.7 690.4 856.0 1,253.7 254.6 1,233.0 1,055.2 1,026.4 254.6 343.5


Sweden



-14

-12

-10

-8

-6

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6

8

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12

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6

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12



2010

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2018

2020

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-9

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9

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-3

0

3

6

9

12


2010

2012

2014

2016

2018

2020

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4

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6

7


2010

2012

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2016

2018

2020

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3

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-150

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2010

2012

2014

2016

2018

2020

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3

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Sweden




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90000

-90000

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2010

2012

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2018

2020

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3

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10000

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2010

2012

2014

2016

2018

2020

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1

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3

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2010

2012

2014

2016

2018

2020

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1

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3

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1

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3

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1

19Q

3

20Q

1

20Q

3

21Q

1


Sweden


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Swedish krona / Euro 9.47 9.64 10.26 10.59 10.48 10.67 10.65 10.36 10.27 10.12


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Nominal gross disposable income 3.3 2.4 3.3 3.4 -0.2 2.5 -6.4 1.7 2.6 0.9 Deflator of final consumption 0.9 1.8 2.5 2.1 1.1 1.6 0.9 1.2 0.8 1.4 Real gross disposable income 2.4 0.6 0.8 1.2 -1.2 0.9 -7.3 0.5 1.8 -0.5 Real final consumption 0.1 1.3 0.2 0.2 -4.8 -1.7 -10.1 -5.1 -4.8 -1.6



1.3 Employment

Unemployment rate 7.0 6.7 6.4 6.8 8.3 7.3 8.3 8.8 8.6 9.5 Total employment, y-o-y% 1.5 2.3 1.5 0.7 -1.3 0.1 -1.9 -2.0 -1.4 -2.6


2020 2020 2020 2020 20212016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1


Compensation of employees (+) 3.2 3.0 4.2 2.6 0.3 2.5 -0.9 -0.8 0.6 2.3 Gross operating surplus (+) 0.2 0.4 0.5 0.1 -0.1 0.1 -0.4 -0.1 -0.1 -0.4 Net social transfers (+) -0.4 0.6 -1.3 -1.0 2.9 2.3 4.5 1.7 2.9 -0.2 Property income/other transf.(+) 2.2 -0.5 0.0 1.4 -3.4 -1.5 -10.7 0.4 -0.5 0.1 Direct taxes (-) -2.0 -1.1 -0.1 0.2 0.1 -0.9 0.9 0.3 -0.2 -0.9 Gross disposable income 3.3 2.4 3.3 3.4 -0.2 2.5 -6.4 1.7 2.6 0.9


Saving, gross (1) 38,437.0 36,654.9 41,212.0 48,062.1 53,416.8 48,611.7 47,446.5 50,343.8 53,416.8 54,654.2 Non-financial investment, gross 16,166.8 18,047.2 17,281.5 16,905.0 17,413.4 16,986.1 17,083.5 17,227.8 17,413.4 17,524.1 Net lending(+)/net borrowing(-) 22,270.2 18,607.7 23,930.6 31,157.1 36,003.3 31,625.7 30,363.1 33,116.1 36,003.3 37,130.1


Currency and deposits 12,503.3 12,321.2 13,133.9 9,167.7 21,879.6 15,549.3 17,068.9 17,611.4 21,879.6 16,441.0 Debt securities -1,540.6 -1,378.1 -2,621.5 -211.1 -1,020.6 -88.1 -505.1 -865.2 -1,020.6 -1,209.7 Investment funds and shares 9,073.9 14,823.4 11,837.6 13,274.3 12,029.5 9,269.2 10,779.1 12,338.4 12,029.5 19,151.3 Life insurance and pension schemes 18,392.4 18,951.2 21,696.0 26,357.8 22,762.9 25,981.6 23,271.1 22,910.9 22,762.9 23,995.3 Other assets 2,400.6 544.3 3,540.2 4,674.3 5,910.6 1,867.1 5,506.5 9,195.6 5,910.6 9,649.0 Total assets 40,829.6 45,262.0 47,586.2 53,263.0 61,562.0 52,579.0 56,120.5 61,191.1 61,562.0 68,026.9


Short-term loans 2,633.0 3,986.3 3,733.3 4,024.3 3,357.7 3,817.7 3,354.2 3,405.4 3,357.7 3,554.4 Long-term loans 21,750.0 20,631.7 17,562.4 17,248.8 21,040.6 18,077.9 19,016.6 19,723.4 21,040.6 21,955.0 Other liabilities 864.7 515.3 868.0 -118.8 2,842.9 617.9 3,837.8 3,157.0 2,842.9 1,562.4 Total liabilities 25,247.8 25,133.3 22,163.7 21,154.4 27,241.2 22,513.5 26,208.7 26,285.8 27,241.2 27,071.9



Section 3: Explanatory notes

Chart 1

The chart breaks the annual growth of households’ nominal disposable income per capita down into the contributions of the income components, and supplements this with data on the annual growth of households’ real disposable income per capita. Nominal disposable income is deflated using the deflator of household final consumption expenditure. This gives a measure of the volume of final consumption that can be purchased with that income after accounting for the effect of price changes.

Households’ disposable income is a major determinant of their consumption. It is also a major determinant of the ability of indebted households to repay their debt.

Over the typical business cycle marked by growth, compensation of employees, operating surpluses/mixed income and property income tend to increase, as the economy generates more jobs, real wages are bid upwards and the business of the self-employed is buoyant. In a recession, the opposite patterns tend to take hold.

By contrast, net social transfers tend to behave in a counter-cyclical fashion, with unemployment and other benefits rising in a recession and social security contributions declining with the reduction of employment levels. Net social transfers are a key element in helping to stabilise households’ disposable income and, thereby, household consumption over the cycle. Together with direct taxes, they are a key component of what are known as automatic stabilisers.

Notes to Chart 1:

In comparing the level of net social transfers across countries (Chart 1.3), the specific institutional arrangements for the funding of social benefits may contribute to significant differences. Net social transfers are the difference between social benefits (except those in kind) and social contributions. In some countries, a large share of benefits may be funded comparatively more through general taxation and less through contributions, so that they will tend to show higher net social transfers. In some countries, social security pensions may be partly funded by income from pension assets built up in the past, requiring lower current contributions and thereby also showing higher net transfers. In addition, it should be noted that an important part of social benefits is provided as transfers in kind (e.g. health services) so that they do not increase disposable income, whereas the corresponding contributions paid by households reduce disposable income. Thus, other things being equal, countries with large health expenditures may tend to show lower net social transfers or even net contributions. Below is some country-specific information of relevance to these issues:


Belgium: Around 13.5% of total contributions correspond to private pension schemes, of which the largest part flow into the build-up of actuarial reserves instead of paid benefits. In addition, a large part of social benefits paid by the government, such as health services, are provided in kind. This explains why households are in general net contributors.

Germany: The fact that households are persistent net contributors to the social security system is mainly related to the institutional arrangement of the health insurance system. That is, benefits from the statutory health insurance schemes, which cover about 90% of households, are predominantly transfers in kind and therefore not part of net social transfers as defined here.

Italy: Some social benefits are not conditional on the previous payment of contributions. Inter alia, the unemployment compensation does not have an equivalent counterpart in contributions, and is largely financed by higher taxation.

Netherlands: In the Netherlands, the pension system has a contribution-based pillar where contributions are still significantly larger than pension receipts. This, together with the fact that net social contributions exclude benefits paid out in kind, such as healthcare, explains that households in the Netherlands are in general net contributors.

Austria: Social security pensions are not only financed by social contributions but also from the general budget of the central government. Non-contributory social benefits are also of a certain importance.

Finland: The Finnish earnings-related pension funds are part of the social security system and the general government sector. Paid pension benefits are partially financed with taxes, as well as investment revenues, which are not imputed as social contributions. This explains why households are in general net beneficiaries.

Chart 2

The chart plots the annual growth of households’ disposable income and its use for consumption and saving. Consumption is broken down into changes in real consumption and the effects of price changes, with the latter being represented by the deflator of final consumption expenditure.

Disposable income is a key indicator of the economic situation faced by households. It determines how much of the current income that a household has can be used for consumption and saving. Households’ disposable income is typically pro-cyclical. It is more volatile than households’ consumption because savings work as a buffer that stabilises the development of the latter. Households’ real consumption is a key measure of the material well-being of households.

In addition, the chart breaks down the changes in households’ nominal consumption expenditure into changes in their real consumption, or the quantity of goods and services consumed by the households, and changes in the consumption deflator, or the price of those goods and services. Of course, only the former have a bearing on the material well-being of households. Developments in the consumption deflator are


closely related to developments in the Harmonised Index of Consumer Prices (HICP), the headline measure used for the ECB’s definition of price stability.

Chart 3

The chart plots the development of compensation of employees and breaks it down into changes in employment, real compensation and price changes. Compensation is an important economic indicator as it accounts for the largest part of households’ disposable income.

One of the important factors behind the development of total compensation is the change in the total number of employees in the economy concerned. Due consideration of this factor, and of the effect of price changes, as measured by the deflator of households’ final consumption, allows a measure of real compensation per employee to be derived.

Notes to Chart 3:

The employment concept used in this chart corresponds to the number of, and compensation received by, employees that work for production units resident in the country concerned. This is the "domestic" concept of compensation and employment, and it is typically given more prominence in national accounts. It is used here for reasons of comparability with similar presentations elsewhere. In most countries, this concept of employment and compensation almost coincides with the "national" concept, which corresponds to the number of, and compensation received by, resident employed persons. However, the following country-specific notes are of relevance here:

Luxembourg: The employment and compensation figures presented in Chart 3 refer to the corresponding domestic concepts and therefore include employees that work but do not reside in Luxembourg (cross-border workers). Since the number of cross-border workers in Luxembourg is high, the growth figures presented might significantly differ from those that would correspond to households that reside in Luxembourg (national concept).

Chart 4

The chart presents the changes of labour market status for people aged 15 to 64. This includes the dynamics of total employment, unemployment and the inactive working age population. The sum of the changes in the three labour market categories gives the overall change in the working age population.

The presented breakdown into categories is useful in presenting an encompassing view of the labour market. Crucially, going beyond the most common measures of


unemployment and employment, the chart also illustrates the changes occurring outside the labour force. While there are a number of reasons why a person would not be seeking employment, the dynamics of the inactive working age population are closely observed to track phenomena such as discouraged workers exiting the active population.

A further benefit of presenting the three categories in conjunction is that their sum total captures the demographic context necessary for the labour market analysis. Firstly, the change in the working age population can help in assessing the interactions of the movements between the categories. Secondly, it serves as a reminder of the necessity to view labour market shifts with the background of ageing populations and varying migration trends in mind.

The employment data used in Chart 4 cover resident persons as measured by the EU’s Labour Force Survey – Integrated European Social Statistics (IESS) definition. This survey is the only source of data for the breakdowns presented there.

Chart 5

The chart reflects the development of funds, or resources, that become available for investment during the period. These are obtained by consuming less than disposable income (gross savings), by reducing financial assets or by incurring financial liabilities (mostly, but not exclusively, loans received). 1 These funds are then compared with the investment purposes for which they are used. The funds may flow into non-financial investment (known also as gross capital formation, which includes items such as acquisitions of housing, home improvements and capital goods acquired by self-employed business owners and non-profit institutions that serve households) or into financial investment (additions to financial assets such as bank deposits, shares, bonds, etc. - for a breakdown of financial investment, see also Chart 6).

For the household sector it is often the case that, on aggregate, the sector’s own savings are sufficient to finance its non-financial investment in any given period. As a result, it has spare funds to lend to other sectors or, in the language of the financial accounts, is a net lender to the other sectors during the period. A net lending balance for the sector manifests itself in a net acquisition of financial assets (generally claims on other sectors), or in a net reduction of financial liabilities (generally claims of other sectors on the households), or both. The household sector, however, is not homogeneous in structure, so that those households that accumulate significant amounts of financial assets are not typically the same as those that incur financial liabilities. At the level of individual households, debt is typically incurred to finance non-financial investment or current expenditure, rather than to acquire financial 1 Further resources available to households are capital transfers, such as house purchase subsidies,

and financial liabilities other than loans. In the chart, capital transfers are presented together with savings, since the recipients do not incur any financial obligation or provide anything in return for the transfer. Financial liabilities other than loans are, in the case of households, generally unimportant and typically restricted to either trade credit (the direct extension of credit by the suppliers of goods and services to their customers), or other accounts except trade credit (a residual item that includes the timing difference between accrued taxes, rents, wages, etc. and their payment).


assets. It is thus possible for both financial assets and financial liabilities to accumulate within the sector as a whole.

Theoretically, the sum total of funds/resources available should equal that of the investments/uses made during the period. On account of the diverse statistical sources used, however, a statistical discrepancy often occurs between total use of funds and total resources available.

The chart generally shows resources as negative values, and uses as positive values. However, these signs may be reversed for a given entry if the net outcome of all its transactions is such that more dispositions occur than acquisitions. For instance, when the repayment of liabilities by households exceeds the volume of liabilities newly incurred, the entry "Financial liabilities" will appear as a positive value.

Chart 6

The chart breaks investment flows in financial assets and the components thereof down per capita (for non-financial investment, see Chart 5). Total transactions show how much the average household invests in different financial assets in net terms. The bars show how much households invest in individual instruments. Net investment is negative whenever sales of assets exceed purchases of assets.

The chart shows the proportion of the savings within the period in question that is used for financial investment. The contribution of individual components depends, amongst other things, on the return on assets (i.e. interest rates), on households’ liquidity preferences and degree of risk aversion, and on the liquidity of the asset itself. Institutional factors, especially those relating to tax treatment, may also play a major role in explaining cross-country variations, as can one-off shifts in portfolio allocations.

While financial investment is given on the basis of a flow concept, financial wealth is depicted in the form of a stock concept and shows the wealth accumulated through investment flows and changes in prices (revaluations) of financial assets in the current and past periods.

Notes to Chart 6:

In comparing the level of household investment in life insurance and pension schemes across countries, the institutional arrangements with regard to pension provision may explain a large part of the observed differences. In some countries, the participation in employment-related pension schemes other than social security is mandatory or strongly encouraged, thereby generating significant flows into households’ pension fund assets. Other countries may have economically similar (e.g. earnings-related) pension schemes but, in application of the international statistical standards, show no build-up of household pension assets due to the inclusion of the schemes within the government sector. Below is some country-specific information of relevance:


Ireland: The country has a relatively small flat-rate social insurance pension ("basic pension"). To complement it, private occupational pensions are strongly encouraged by means of a favourable tax treatment of contributions, which helps explain the high level of household pension assets.

Latvia: the developments of indicators based on the household financial accounts are affected by Latvia joining the Eurozone on 1 January 2014.

Netherlands: Participation in employment-related pension schemes other than social security is compulsory in industries that have an industry-wide scheme, or as laid out in collective labour agreements, leading to a high degree of participation in such schemes and a corresponding high volume of household pension assets.

Finland: The Finnish earnings-related pension funds are part of the social security system and the general government sector. The funds are accumulated from statutory payments collected from household income and do not show up as assets of the household sector.

Chart 7

The chart presents the ratios of household savings, non-financial investment, external financing and debt. All are expressed as a percentage of nominal (gross) disposable income. These four ratios are key indicators for the household sector. The first three are based on flows.

The savings ratio captures households’ relative allocation of disposable income flows to savings over the period, while the non-financial investment ratio captures the period’s flow of capital formation, such as purchases of, and improvements to, housing as well as capital goods acquired by self-employed business owners and non-profit institutions serving households, relative to the income over the period. The external financing ratio captures the net recourse by households over the period to finance in the form of loans. If it is negative, households are, all in all, paying back existing loan debt, rather than incurring new debt.

The debt ratio, by contrast, is based on the stock of loan liabilities outstanding, thereby measuring households’ main source of indebtedness as a percentage of their disposable income. Whenever, as is often the case, the savings ratio is higher than the proportion of disposable income that is used for non-financial investment, households are net lenders to the rest of the economy, i.e. are lending their surplus savings to other sectors. A sustained net lending position of households may coincide with a low or even negative share of external financing in their available resources and stable or decreasing levels of household indebtedness. Conversely, whenever the share of non-financial investment in their disposable income is larger than the savings ratio, households are net borrowers, i.e. they must borrow from the other sectors in order to cover their savings deficit. A sustained net borrowing position of households often coincides with a large proportion of external financing and rising household indebtedness.


Notes to Chart 7:

In comparing the debt ratio of households across countries, it should be noted that mortgage debt typically accounts for the largest part of household debt, and that the proportion of households with a mortgage, as well as its average size, varies substantially from country to country reflecting, amongst other things, different shares of home ownership. The following country-specific notes are of relevance here:

Netherlands: In the Netherlands, certain features of the mortgage market, such as the tax deductibility of mortgage interest payments, as well as the prevalence of interest-only mortgages and contractual savings mortgages which delay redemption of the principal, may contribute to a higher volume of outstanding mortgage debt.

Chart 8

This chart presents changes in household net worth per capita and a breakdown thereof into transactions and other changes. Household net worth measures the excess of the value of households’ assets (both financial and non-financial) over their financial liabilities or debt. Household net worth can rise or fall in two ways. First, it can increase as a result of transactions that cause asset holdings to be raised more during the period in question (e.g. through acquisitions of financial and non-financial assets) than borrowing (as usually occurs through e.g. loans for house purchase). Any such increase in net worth will reflect the savings (plus capital transfers) generated over the period, as any income in excess of consumption either flows into financial and/or non-financial investments, or is used to pay back debt. Conversely, the net worth decreases if transactions that add to assets (financial or non-financial) are smaller than transactions that add to borrowing. Again, this decline in net worth will reflect the amount of the period’s negative saving: consumption exceeding income calls either for borrowing to be increased or for assets to be sold.

Second, net worth can change on account of changes in the household sector balance sheet that are not due to any transactions undertaken by households. These changes are known as "other changes", i.e. changes that are due to factors other than transactions. The most important of these "other changes" are revaluations as a consequence of changes in the prices of assets owned by households. For instance, increases in the value of the homes (included in the dark brown bar), or in the debt securities and shares held by households (included in the green bar), imply increases in household net worth. Unlike in the case of transactions, there is no accounting connection between other changes in net worth and household saving during the period.

In the short term, other changes, mainly revaluations, typically contribute to a far larger proportion of the overall changes in household net worth than transactions. In the long term, however, the overall effect of revaluations may be smaller as parts thereof may be cancelled out over time, and the contributions of transactions in financial and non-financial assets to the change in household net worth tend to be


more significant.2

Notes to Chart 8:

Netherlands: A significant portion of the value of household’s pension assets is quite sensitive to the evolution of long-term interest rates. The steep decline in such rates starting in 2014Q1 and the related revaluation of household financial investment in life insurance and pension schemes explain a significant proportion of the increases in net worth of Dutch households during this period.

Denmark: The increase in household net worth stems from life insurance and pension schemes but also from investment funds and shares in the non-financial sector. Most of the Danish life insurance and pension schemes are market-based, and thus the increase in Danish stock prices over the last years have had positive effects on both net worth of pensions and life insurance, and private investments - in stocks and via investment funds.

2 "Other changes" also include some non-transactions that are not related to changes in prices, namely extraordinary events that affect households’ assets such as the loan write-offs, expropriation, theft, damage through natural disasters, etc., but their quantitative importance is relatively insignificant.


Section 4: Glossary

capital transfers Capital transfers are transactions in cash or in kind in which the ownership of an asset (other than cash and inventories) is transferred or in which cash is transferred to enable the recipient to acquire another asset, or in which the funds realised by the disposal of another asset are transferred.

compensation of employees The total remuneration, including gross wages and salaries as well as bonuses, overtime payments and employers’ social security contributions, that is payable, in cash or in kind, by employers to employees in return for work done by the latter during the accounting period.

consumption deflator (deflator of final consumption expenditure) The deflator of final consumption expenditure reflects the ratio of final consumption in current prices to that in volume terms. These ratios are usually referred to as "implicit deflators" and are used to compute income flows in real terms (e.g. real disposable income).

currency Banknotes and coins in circulation that are commonly used to make payments.

debt ratio

Household debt (outstanding amounts of loans received) as a percentage of disposable income, the latter being adjusted for the change in the net equity of households in pension schemes.

debt security A promise on the part of the issuer (the borrower) to make one or more payment(s) to the holder (the lender) on a specified future date or dates. Such securities usually carry a specific rate of interest and/or are sold at a discount to the amount that will be repaid at maturity.

deposits Deposits are sums placed with a financial institution (usually a bank) which are credited to a customer’s account.

direct taxes A direct tax is one imposed upon an individual person or property. Typical direct taxes are: income taxes, capital taxes, holding gain taxes, etc. These are distinguished from indirect taxes which are imposed upon transactions (e.g. value added tax).

disposable income The amount of resources that accrue to households during a given period as a result of their participation as suppliers of labour or capital, after income taxes and after the net result of all transfers (except capital transfers). Disposable income is equal to the sum of household final consumption expenditure and saving.


employment and employees

Persons in employment comprise all persons who during a specified brief period were in the following categories: (1) paid employment (employees) and (2) self-employment, and were working for at least one hour per week.

employment rate

Persons in employment as a percentage of the population of working age (15-64 years).

equity Securities representing ownership of a stake in a corporation, i.e. shares traded on a stock exchange (quoted or listed shares), unquoted or unlisted shares and other forms of equity. Equities usually produce income in the form of dividends.

external financing share Ratio of loan liabilities to nominal disposable income.

financial investment

Financial investment is the money flow which is invested in financial assets. See also: financial wealth.

financial liability A financial liability requires a debtor to make a payment, or payments, to a creditor in circumstances specified in a contract between them. For households, financial liabilities consist mainly of loans received, but also cover delayed payments and trade credit.

financial wealth (gross) The value of all financial assets owned by an institutional unit or sector (e.g. households). A financial asset is any asset that is either cash or a contractual right to receive cash or a financial instrument or to exchange financial instruments. Financial liabilities are not deducted.

households The household sector covers individuals or groups of individuals not only as consumers, but also as entrepreneurs (i.e. sole proprietorships and partnerships). For practical reasons, non-profit institutions serving households (e.g. churches, charities, trade unions) are reported together with households for all data shown in this publication.

investment fund share An investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as debt securities, equity, money market instruments and similar assets as well as real estate.

life insurance and pension schemes Financial assets representing claims against the technical reserves of corporations providing life insurance, as well as financial assets that existing and future pensioners hold against pension funds set up by the employer. Social security pensions are not included.

net social transfers

For the purposes of this publication, net social transfers amount to the difference between social benefits other than social transfers in kind (e.g.


pensions, maternity and family allowances, unemployment benefits) and social contributions made by households, directly or by employers for the benefit of their employees, to social insurance schemes to make provision for social benefits to be paid.

non-financial investment (gross fixed capital formation) Consists of acquisitions, less disposals, of produced and non-produced assets during a given period. For households, this item mainly contains investment in dwellings and land.

non-financial investment ratio Non-financial investment as a percentage of disposable income.

net lending/net borrowing

Net lending is the net amount available to finance, directly or indirectly, other sectors. It is the balancing item in the capital account and is defined as: net saving plus capital transfers receivable less capital transfers payable minus the value of acquisitions less disposals of non-financial assets, less consumption of fixed capital. Negative net lending may also be described as "net borrowing".

net worth (changes in net worth) The net worth (wealth) of the household sector comprises its non-financial assets and net financial worth (wealth). Changes in net worth reflect the differences between the opening and closing balance sheets. See also: other changes.

operating surplus and mixed income The surplus (or deficit) on the value of output of production activities after the costs of intermediate consumption, compensation of employees and taxes less subsidies on production have been deducted, but before payments and receipts of income related to the borrowing/renting or owning of financial and non-produced assets have been taken into account. The main components are profits of self-employed business owners and imputed rental income from owned-occupied housing, both recorded in the household sector. See also: households.

other current transfers Other current transfers consist of net premiums and claims for non-life insurance. Household current transfers cover additionally current transfers in cash or in kind between households, fines and penalties excluding the ones imposed by the tax authorities, lottery and gambling winnings and current transfers to non-profit institutions serving households (NPISHs) like voluntary contributions, membership subscriptions and financial assistance which NPISHs receive from households.

other financial assets This contains other accounts payable and receivable. For the household sector, this is mostly composed of delayed payments.

property income and other transfers This item combines property income and other current transfers (for the latter see above). Property income is the income receivable by the owner of a financial asset or a tangible non-produced asset in return for providing funds to,


or putting the tangible non-produced asset at the disposal of, another institutional unit; it consists of interest, the distributed income of corporations (i.e. dividends and withdrawals from income of quasi-corporations), reinvested earnings on direct foreign investment, property income attributed to insurance policy-holders, and rent.

revaluations (financial and non-financial) Differences between opening and closing balance sheets that are not due to transactions but due to the price changes of assets and liabilities. Changes in the volume of assets and liabilities that are not due to transactions (e.g. write-offs, statistical reclassifications) are also included.

real

Current expenditures such as consumption can be expressed in real terms by deflating them with the appropriate (private consumption) deflator. Furthermore, measures of income (e.g. compensation) and balancing items in the national accounts (e.g. disposable income), though not having a price and volume dimension, can be expressed "in real terms" by dividing them by the implicit index of household consumption expenditure.

saving Saving is disposable income less final consumption expenditure, after taking account of an adjustment for pension funds. Since households are treated in the financial accounts and balance sheet of the system as owning the reserves of private funded schemes, the adjustment item is necessary to ensure that any excess of pension contributions over pension receipts does not affect household saving.

savings ratio The savings ratio is the share of disposable income that is not consumed. It is presented as a percentage of disposable income.

shares (and other equity) Shares and other equity are financial assets which represent property rights on corporations or quasi-corporations.

short-term/long-term loans Loans with an original maturity of up to one year and over one year, respectively.

social contributions Contributions made by households, directly or by employers for the benefit of their employees, to social insurance schemes to make provision for social benefits to be paid.

statistical discrepancy As a generic term, in the accounting framework this refers to a difference between two items, which are conceptually identical, but different in terms of data, due e.g. to differences in statistical sources. In the context of the report, this refers to the differences between net lending/borrowing calculated from the financial and the non-financial accounts respectively.


unemployment rate

The percentage of the total labour force that is unemployed but actively seeking employment and willing to work. The labour force is the actual number of people available for work, i.e. both the employed and the unemployed.

household sector report

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