Overview
In the third quarter of 2024, household real consumption per capita increased by 0.8% in the euro area, after an increase of 0.1% in the previous quarter. Household real income per capita increased in the third quarter of 2024 by 0.4%, after an increase of 0.3% in the second quarter of 2024.
These data come from a detailed set of seasonally adjusted quarterly European sector accounts that is published by Eurostat, the statistical office of the European Union.
In the EU, household real consumption per capita increased by 0.8% in the third quarter of 2024, after an increase of 0.1% in the previous quarter. At the same time, household real income per capita increased by 0.6% in the third quarter of 2024, after an increase of 0.5% in the second quarter of 2024.
Components of household gross disposable income
During the third quarter of 2024, household gross disposable income (in nominal terms, seasonally adjusted) increased by 0.7% in the euro area and by 0.9% in the EU. The increase is mainly explained by the large positive contribution of compensation of employees and social benefits in both the euro area and the EU. Conversely, current taxes and net social contributions was the main negative contributor.
Household saving rate decreased in the euro area and the EU
In the third quarter of 2024, the saving rate decreased by 0.4 percentage points (pp) in the euro area and by 0.3 pp the EU, compared with the previous quarter.
Among the Member States for which data are published, the household saving rate increased in five Member States, remained stable in one and decreased in nine. Greece had the largest increase (+1.9 pp), followed by Finland and Spain (both +1.1 pp). At the same time, the largest decreases were observed in Hungary (-5.6 pp) and Denmark (-2.4 pp).
Household investment rate decreased in the euro area and in the EU
In the third quarter of 2024, the investment rate of households decreased by 0.1 pp in both the euro area and the EU, compared with the previous quarter.
Among the Member States for which data are published, the household investment rate increased in six Member States, remained stable in six and decreased in three. Denmark had the largest increase (0.5 pp), followed by Hungary and Portugal (both 0.2 pp), while the decreases were observed in Spain (-0.3 pp), Italy and Finland (both -0.2 pp).
Tables
|
Key indicators and growth rates of selected household transactions, |
||||||||
|---|---|---|---|---|---|---|---|---|
|
2022 |
2023 |
2024 |
||||||
|
Q4 |
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
|
|
13.5 |
13.8 |
14.0 |
14.1 |
14.7 |
15.3 |
15.6 |
15.2 |
|
|
10.0 |
10.0 |
9.8 |
9.7 |
9.5 |
9.3 |
9.2 |
9.1 |
|
|
-1.2 |
0.2 |
0.2 |
0.2 |
0.5 |
0.9 |
0.3 |
0.4 |
|
|
-1.2 |
-0.2 |
0.1 |
0.0 |
0.1 |
0.3 |
0.1 |
0.8 |
|
|
12.7 |
12.8 |
13.1 |
13.3 |
13.7 |
14.2 |
14.7 |
14.4 |
|
|
9.8 |
9.8 |
9.6 |
9.5 |
9.3 |
9.0 |
8.9 |
8.8 |
|
|
-1.0 |
-0.2 |
0.3 |
0.5 |
0.4 |
1.0 |
0.5 |
0.6 |
|
|
-1.2 |
-0.3 |
0.1 |
0.4 |
0.1 |
0.4 |
0.1 |
0.8 |
|
|
Household key indicators Q3 2024 (change over previous quarter, seasonally adjusted) |
|||||
|---|---|---|---|---|---|
|
Saving rate (percentage points) |
Investment rate (percentage points) |
Individual consumption expenditure (%) |
Gross disposable income (%) |
Gross fixed capital formation (%) |
|
|
-0.2 |
1.1 |
0.7 |
-0.4 |
-0.1 |
|
|
-0.3 |
1.2 |
0.8 |
-0.3 |
-0.1 |
|
|
1.2 |
1.9 |
0.0 |
-1.7 |
0.1 |
|
|
1.4 |
1.4 |
1.3 |
-0.1 |
0.0 |
|
|
2.5 |
0.4 |
-2.3 |
-2.4 |
0.5 |
|
|
0.9 |
0.7 |
1.1 |
0.3 |
0.0 |
|
|
4.7 |
1.4 |
2.5 |
1.9 |
0.1 |
|
|
-1.6 |
1.4 |
2.6 |
1.1 |
-0.3 |
|
|
0.9 |
1.0 |
1.0 |
0.0 |
0.0 |
|
|
-1.1 |
1.6 |
0.7 |
-0.8 |
-0.2 |
|
|
4.0 |
2.2 |
1.4 |
-5.6 |
0.2 |
|
|
1.2 |
1.4 |
0.3 |
-0.5 |
0.1 |
|
|
0.0 |
-0.6 |
0.4 |
0.7 |
0.0 |
|
|
1.6 |
0.8 |
1.7 |
-1.0 |
0.0 |
|
|
2.9 |
1.8 |
-0.2 |
-1.7 |
0.2 |
|
|
-0.8 |
-0.1 |
1.2 |
1.1 |
-0.2 |
|
|
1.0 |
0.5 |
0.4 |
-0.2 |
0.0 |
|
Notes for users
Revisions and timetable
A first release, focusing on data for household saving and investment rates in the euro area, is published around 94 days after each quarter. Compared with News Release of 13 January 2025 on the euro area aggregate, the seasonally adjusted household saving rate of the third quarter of 2024 was revised from 15.3% to 15.2%. The investment rate remained unrevised at 9.1%.
Compared with News Release of 29 October 2024, the growth rate of household adjusted gross income per capita in real terms for the second quarter of 2024 was revised downwards from 0.4% to 0.3% for the euro area and from 0.6% to 0.5% for the EU. The real growth rate of actual household consumption remained unrevised at 0.1% for the euro area and was revised downwards from 0.2% to 0.1% for the EU.
Methods and definitions
Household real income per capita is defined as the adjusted gross disposable income of households, in nominal terms, divided by the total population (source: National Accounts concept) and by the deflator (price index) of household final consumption expenditure.
Household real consumption per capita is defined as the actual final consumption expenditure of households, in nominal terms, divided by the total population (source: National Accounts concept) and by the deflator (price index) of household final consumption expenditure.
The compilation of the European sector accounts follows the European System of Accounts 2010 (ESA2010) and covers the period from the first quarter of 1999 onwards. The data come from a detailed set of seasonally adjusted quarterly European sector accounts released by Eurostat, the statistical office of the European Union and the European Central Bank (ECB).
Institutional sectors bring together economic units with broadly similar characteristics and behaviour, namely: households (including non-profit institutions serving households), non-financial corporations, financial corporations, government and the rest of the world. In the latter, to measure the external transactions of the euro area / European Union, it is necessary to remove cross-border flows within the area concerned.
Eurostat’s database includes detailed annual and quarterly sector accounts of Member States of the European Economic Area and derived key indicators published around 120 days after each quarter (which also cover annual indicators such as debt-to-income ratios). A subset of quarterly key indicators is published around 94 days after each quarter.
Due to the conversion to euro, the growth rates of European Union aggregates may be affected by movements in exchange rates.
Geographical information
The euro area (EA20) consists of 20 Member States: Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland, plus the European Central Bank, the European Stability Mechanism and the European Financial Stability Facility.
The European Union (EU27) includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden plus the EU institutions.
For more information
https%3A%2F%2Fec.europa.eu%2Feurostat%2Fproduct%3Fcode%3D2-28012025-ap
