According to data released this Friday by the National Statistics Institute (INE), the household savings rate rose to 5.7% in the second quarter of the year, reflecting growth in gross disposable income exceeding growth in private consumption.
“The household savings rate reached 5.7%, representing an increase of 0.4 percentage points compared to the previous quarter,” INE reported.
According to the statistics body, the results were the result of a 1.9% increase in gross disposable income (GDI) (1.3% in the previous quarter), higher than private consumption growth of 1.6%.
According to the statistics body, the results were the result of a 1.9% increase in gross disposable income (GDI) (1.3% in the previous quarter), higher than private consumption growth of 1.6%.
INE notes that since these values are nominal, in the case of private consumption this means that its evolution is marked by an acceleration in prices. In real terms, private consumption grew by just 0.3% for the year ending in the second quarter of 2023.
Household financing capacity increased to 0.5% of GDP in the second quarter of 2023, representing an increase of 0.3 percentage points from the previous quarter and reflecting an 8.0% increase in household savings coupled with a 0 decline in gross capital formation ,4%.
In the second quarter, wages and gross value added (GVA) grew by 2.7% and 0.4%, respectively, while final consumption expenditure increased by 1.6% (2.5% in the previous quarter), which determined increase in savings rate. to 5.7% (5.3% in the previous quarter).
In real terms, the adjusted per capita household RBI increased by 0.4% in the second quarter of 2023.
Gross household fixed capital formation (GFCF), which essentially corresponds to GFCF in the housing sector, remained virtually unchanged, registering a rate of change of -0.1% in the second quarter of 2023 (-0.6% in the previous quarter).
The household investment rate (measured through the ratio between GFCF and disposable income) reached 5.9%, down 0.1 percentage point from the previous quarter, INE said.
The data also shows that the adjusted RDB of households per capita in real terms increased by 0.4% in the second quarter of 2023, after declining by 0.5% in the previous quarter.
On the other hand, real final consumption per capita increased by 0.3% in the second quarter of 2023 (0.6% in the previous quarter).
The adjusted RDB differs from the RDB in that it includes the value of goods and services purchased or produced by APs (public administrations) or ISFLSFs (non-profit organizations serving families) and which are intended for family consumption, such as, for example, contributions for the purchase of drugs by families.