Spanish households put their savings rate at -0.8% of their disposable income in the first quarter, marking their first negative rate since the first quarter of 2019. National Institute of Statistics (INE).
The drop in household savings rate to -0.8% is due to the fact that they got to spend more. Thus, its disposable income increased by 3.8% year-on-year to 181,147 million euros, while consumer spending amounted to 181,618 million euros, up 14%.
In addition, they increased their investments by 33.4% to 19,379 million euros, so that it reached 7.6% of their disposable income, the highest percentage since the end of 2012.
As a result, household savings fell by 1,427 million euros in the first quarter, compared to 14,516 million in the same period of 2021, which represents a relative decrease of 109.8%.
Adjusted for seasonal and calendar effects, household savings reached 7.5% of their disposable income in the first quarter, down 2.1 percentage points from the previous quarter and the lowest since the fourth quarter of 2019, before the pandemic. announced.
Households could not finance the investment made in the first quarter of the year with their savings, so they showed a financing need of 21,535 million euros, compared to -574 million in the first quarter of 2021.
Source: El Diario