Spanish households savings rate -0.8% your disposable income First negative rate since the first quarter of 2019. The household savings rate in the previous quarter was 8.3%, as reported by the National Institute of Statistics (INE) on Thursday.
The household savings rate decreased to -0.8%, They spent more than they earned. a) Yes, their disposable income increased by 3.8% year-on-year, Consumer spending reached 181,147 million Euros, 14% more, up to 181,147 million Euros.
They also increased their investments by 33.4% to €19,379 million, reaching 7.6% of their disposable income, the highest percentage since the end of 2012.
As a result, household savings decreased by 1,427 million euros in the first quarter, compared to 14,516 million euros in the same period of 2021, representing a relative decrease of 109.8%.
If seasonal and calendar effects are removed, household savings rate reached in the first quarter 7.5% of your disposable income2.1 points lower than the previous quarter and the lowest since the fourth quarter of 2019 just before the pandemic was declared.
As households could not finance the investment they made in the first quarter of the year with their savings, they showed a financing need of 21,535 million euros compared to -574 million euros in the first quarter of 2021.