Households and non-financial corporations in the euro area: fourth quarter of 2021

Europe

±á´Ç³Ü²õ±ð³ó´Ç±ô»å²õ’Ìý increased with annual rate of growth of 3.3% in fourth quarter of 2021, after 3.9% in third quarter of 2021
Non-financial corporations’  grew at higher annual rate of 3.4% (after 2.7%)
Non-financial corporations’  increased at lower annual rate of 7.5% (after 8.9%)

 

 

Households

The annual growth rate of household  stood broadly unchanged at 3.4% in the fourth quarter of 2021. Gross operating surplus and mixed income of the self-employed increased at a higher rate of 7.1% (after 4.4%), while compensation of employees grew at an unchanged rate of 5.8%. Household consumption expenditure grew at a higher rate of 10.1% (after 5.8%).

The household  was 17.3% in the fourth quarter of 2021, compared with 18.6% in the previous quarter (calculated from four-quarter sums).

The annual growth rate of household  (which refers mainly to housing) increased to 19.1% in the fourth quarter of 2021, from 17.9% in the previous quarter.  to households, the main component of household financing, increased at an unchanged rate of 4.0%.

The annual growth rate of household  decreased to 3.3% in the fourth quarter of 2021, from 3.9% in the previous quarter. Among its components, currency and deposits grew at a lower rate of 5.0% (after 6.2%). Shares and other equity increased at an unchanged rate of 3.1%, and investment in life insurance and pension schemes grew at a broadly unchanged rate of 2.2%.

±á´Ç³Ü²õ±ð³ó´Ç±ô»åÌý grew at a lower annual rate of 7.0% in the fourth quarter of 2021 (after 7.3% in the previous quarter), driven mainly by a slower increase in financial assets. The continued growth of the net worth was mainly due to high valuation gains in non-financial assets, followed by financial investment and valuation gains in financial assets. , the main component of non-financial assets, grew at a higher rate of 7.3% (after 7.0%). The household  increased to 96.8% in the fourth quarter of 2021 from 96.3% in the fourth quarter of 2020.

Non-financial corporations

 by NFCs increased at a higher annual rate of 9.0% (after 8.5%) in the fourth quarter of 2021.  grew at a lower rate of 7.5% in the fourth quarter of 2021, after 8.9% in the previous quarter, while net property income (defined in this context as property income receivable minus interest and rent payable) increased. As a result  (broadly equivalent to cash flow) increased at a higher rate of 11.3% (after 8.5%).[1]

±·¹ó°ä²õ’  increased at a higher annual rate of 16.5% (from 14.4% in the previous quarter).[2] ±·¹ó°ä²õ’  grew at a higher rate of 5.7% (after 5.0%). Investment in currency and deposits, loans, shares and other equity as well as other financial assets (mainly trade credits) increased at higher rates, while net sales of debt securities continued.

 of NFCs increased at a higher annual rate of 3.4% (after 2.7% in the previous quarter), as the growth rates of financing via loans (4.3% after 3.4)[3], debt securities (4.2% after 2.0%) and trade credit and advances (14.6% after 10.0%) increased. NFCs’ equity financing grew at an unchanged rate of 1.4%.

±·¹ó°ä²õ’  (consolidated measure) decreased to 79.6% in the fourth quarter of 2021, from 81.8% in the same quarter of the previous year; the , wider debt measure declined to 143.7% of GDP (from 144.7%).

 

ecb.europa.eu

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