The household savings rate climbs to 11.7% in 2023 after their savings skyrocketed by 70.6%

MADRID, 2 Abr. (EUROPA PRESS) -

Spanish households placed their savings rate at 11.7% of their disposable income in 2023, a rate 4.1 points higher than that registered in 2022 but lower than the 13.8% in 2021, as reported this Tuesday by the National Institute of Statistics (INE).

In a year marked by the higher cost of living and the rise in interest rates, Spanish families saved 108,139 million euros, 70.6% more than in 2022, while increasing their consumption spending by 6. 1%, up to 813,066 million euros, and increased their investment by 8.1%, up to 64,539 million euros.

In this way, households presented a disposable income of 923,560 million euros in 2023, 11% more than in 2022.

The savings generated by households were sufficient to finance the investment they made throughout the year, which is why they showed a financing capacity of 42,361 million euros, the highest since 2021, compared to the financing capacity of 2,500 million 2022.

In the fourth quarter of 2023, the household savings rate stood at 17.3% of their disposable income, compared to 15% in the same quarter of 2022.

In the last quarter of last year, households spent 206,731 million euros, 6.9% more than in the same quarter of 2022, and increased their savings by 26.8%, to 43,191 million. Its gross disposable income grew by 9.8%, to 250,382 million euros.

Thus, after capital transfers from the sector, households showed a financing capacity of 23,017 million euros in the fourth quarter of 2023, above the 19,571 million in 2022 (17.6%).

Eliminating seasonal and calendar effects, the household savings rate reached 13.1% in the fourth quarter of last year, a rate 3.4 points higher than the previous quarter and the highest since the third quarter of 2021 .

THE SPANISH ECONOMY INCREASES ITS FINANCING CAPACITY

In 2023, the Spanish economy showed a financing capacity of 54,013 million euros, a figure equivalent to 3.7% of GDP. This amount is almost 33,300 million euros higher than in 2022, when the financing capacity of the Spanish economy compared to the rest of the world amounted to 20,746 million euros, 1.5% of GDP.

This result is a consequence of the financing capacity registered by households, financial institutions and non-financial corporations, compared to public administrations (AAPP), which presented a deficit of 53,159 million euros last year.

This AAPP deficit recorded in 2023 is lower than that of 2022, which was 63,736 million euros, and the least pronounced since 2019.

For their part, non-financial companies showed a financing capacity of 32,028 million euros in 2023, below the 41,626 million in 2022, while non-financial institutions presented a 'surplus' of 32,783 million euros, below the 40,356 million euros of the previous year.

GROSS NATIONAL INCOME RISE BY 7.4% IN 2023

In the last quarter of 2023, the Spanish economy registered a financing capacity of 16,131 million euros, 4.2% of GDP, above the 12,114 million in the same quarter of 2022.

Eliminating seasonal and calendar effects, the national economy registered a financing capacity of 2.6% of GDP between October and December 2023, two tenths more than in the previous quarter.

The INE estimates that the gross national income of the economy stood at 1,452,661 million euros in 2023 as a whole, 7.4% higher than that of 2022.