In November, total deposits held by households and non-financial corporations in Spain reached 175.3 billion euros, marking a year over year increase of 67,000 million euros when compared with November of the previous year, according to provisional data published this Thursday by the Bank of Spain. While sight deposits rose by 3.6 billion euros from October, they showed a substantial decline from the previous year, totaling 1.15 trillion euros. The shift highlights how households and firms are adjusting their liquidity after a period of rapid expansion in demand for money, even as overall deposits show mixed movements across subcategories.
By the end of November, households and non-financial companies together held 1.29 trillion euros in deposits. This figure is 11.8 billion euros lower than the level recorded in November 2022 but is 13.3 billion euros higher than in October. Household deposits stood at 981.1 billion euros for November, down 9.1 billion euros from November 2022, yet up 5.3 billion euros versus October, reflecting a nuanced trend in consumer saving behavior amid ongoing economic dynamics and monetary policy expectations.
Deposits from non-financial corporations amounted to 310.7 billion euros, showing a decrease of 2.7 billion euros compared with November of the previous year, while demonstrating an increase of about 8 billion euros versus October. This pattern suggests corporates are maintaining a cautious liquidity stance as they navigate evolving financial conditions and investment plans, even as inter-month movements point to seasonal adjustments and sector-specific demand for funds.
The overall deposit base of residents in Spain, including both citizens and residents with assets abroad, totaled 1.59 trillion euros in November. This figure is 28.8 billion euros higher than in October, yet it also reflects an increase of 24.6 billion euros compared with November last year. When combining deposits from residents and non-residents staying in Spain, the total reached 1.675 trillion euros in the eleventh month, though this amount shows a decline of 18.6 billion euros relative to the same month in the previous year. The data underscore the persistent role of resident deposits in shaping the country’s liquidity landscape, with cross-border savings continuing to influence the broader monetary environment.