Overview
In the fourth quarter of 2023, household real consumption per capita slightly decreased by 0.1% in the euro area, after remaining stable in the previous quarter. Household real income per capita increased in the fourth quarter of 2023 by 0.6%, after a decrease of 0.3% in the third quarter of 2023.
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 remained stable in the fourth quarter of 2023, after an increase of 0.4% in the previous quarter. At the same time, household real income per capita increased by 0.4% in the fourth quarter of 2023, after remaining stable in the third quarter of 2023.
Components of household gross disposable income
During the fourth quarter of 2023, household gross disposable income (in nominal terms, seasonally adjusted) increased by 1.3% in the euro area and by 1.2% in the EU. The increase is mainly explained by the large positive contribution of compensation of employees in both the euro area and EU. Conversely, current taxes and net social contributions was the only negative contributor.
Household saving rate increased in the euro area and the EU
In the fourth quarter of 2023, the saving rate increased by 0.7 percentage points (pp) in the euro area and by 0.5 pp in 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 two, and decreased in five. Spain had the largest increase (+3.4 pp), followed by Italy (+1.0 pp) and Austria (+0.9 pp). At the same time, the largest decreases were observed in Denmark (-1.8 pp), Portugal (-1.7 pp) and Ireland (-1.6 pp).
Household investment rate decreased in the euro area and in the EU
In the fourth quarter of 2023, the investment rate of households decreased by 0.2 pp in the euro area and by 0.1 pp in the EU, compared with the previous quarter.
Among the Member States for which data are published, the household investment rate increased in four Member States, remained stable in two (Netherlands and Spain) and decreased in the remaining six. Ireland had the largest increase (0.4 pp), followed by Italy (0.2 pp), while the largest decreases were observed in Greece (-0.7 pp) and Belgium (-0.3 pp).
|
Household key indicators 2023Q4 change over previous quarter, seasonally adjusted |
|||||
|---|---|---|---|---|---|
|
Saving rate (percentage points) |
Investment rate (percentage points) |
Individual consumption expenditure (%) |
Gross disposable income (%) |
Gross fixed capital formation (%) |
|
|
0.7 |
-0.2 |
0.5 |
1.3 |
-0.3 |
|
|
0.5 |
-0.1 |
0.6 |
1.2 |
0.2 |
|
|
0.0 |
-0.3 |
0.5 |
0.5 |
-2.5 |
|
|
-1.8 |
0.1 |
1.5 |
-0.5 |
0.1 |
|
|
0.1 |
-0.1 |
0.3 |
0.4 |
-0.6 |
|
|
-1.6 |
0.4 |
1.8 |
1.4 |
7.8 |
|
|
0.2 |
-0.7 |
1.6 |
3.4 |
-13.1 |
|
|
3.4 |
0.0 |
1.3 |
5.3 |
5.0 |
|
|
1.0 |
0.2 |
-1.0 |
0.0 |
2.1 |
|
|
-0.3 |
-0.1 |
1.2 |
4.1 |
2.6 |
|
|
0.0 |
0.0 |
2.8 |
1.4 |
1.8 |
|
|
0.9 |
-0.2 |
0.5 |
1.5 |
-0.8 |
|
|
-1.7 |
0.1 |
1.0 |
-0.8 |
0.2 |
|
|
-0.1 |
-0.2 |
0.5 |
0.4 |
-3.1 |
|
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 9 April 2024 on the euro area aggregate, the seasonally adjusted household saving rate of the fourth quarter of 2023 was revised upwards from 14.6% to 14.7%. The investment rate was revised downwards from 9.7% to 9.6%.
Compared with News Release of 26 January 2024, the growth rate of household adjusted gross income per capita in real terms for the third quarter of 2023 remained unchanged at -0.3% for the euro area and was revised from +0.1% to ±0.0% for the EU. The real growth rate of actual household consumption remained unchanged at ±0.0% for the euro area and was revised from +0.3% to +0.4% 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
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