17/2015 - 28 January 2015

Third quarter of 2014

Household saving rate nearly stable at 13.1% in the euro area and down to 10.3% in the EU28 Household real income per capita increased by 0.6% in the euro area Announcement As part of the process of improving timeliness, from April 2015 onwards the household News Release of European sector accounts will be issued earlier (at around t+102 days) focussing on selected euro area nonfinancial transactions. It will be complemented by an additional News Release (at t+120 days) on real income and real consumption per capita in the euro area. At the same time, the complete set of sectoral data will be updated in the dedicated section of the Eurostat website. The household saving rate1 in the euro area2 was 13.1% in the third quarter of 2014, compared with 13.0% in the second quarter of 20143. In the EU284, the household saving rate dropped to its record-low level, at 10.3% compared with 10.5% the previous quarter.

These data come from a detailed set of seasonally adjusted5 quarterly European sector accounts6 released by Eurostat, the statistical office of the European Union and the European Central Bank (ECB).

Household saving rate (seasonally adjusted) 16%

Euro area

16%

EU28

15%

14%

14%

13%

13%

12%

12%

11%

11%

10%

10%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

15%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Household investment rate remained at low levels in both zones In the EU28, the household investment rate7 remained nearly stable at 7.9% in the third quarter of 2014, compared with 7.8% in the second quarter of 2014. In the euro area, the household investment rate was 8.3%, stable compared with the previous quarter.

Household investment rate (seasonally adjusted) Euro area

12%

EU28

12% 11%

10%

10%

9%

9%

8%

8%

7%

7%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

11%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

In the euro area in the third quarter of 2014, in nominal terms, household income8 rose by 0.7%, consumption by 0.6% and investment (gross fixed capital formation, mostly in dwellings) by 1.2%.

Nominal growth of household adjusted gross disposable income, actual final consumption and gross fixed capital formation (euro area) (seasonally adjusted data, change compared with the previous quarter) 6%

6%

5%

5%

4%

4%

3%

3%

2%

2%

1%

1%

0%

0%

-1%

-1% Adjusted gross disposable income in current prices

-2%

-2% Gross fixed capital formation in current prices

-3%

-3% Actual final consumption in current prices

-4%

-5%

-5%

-6%

-6%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

-4%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

In the euro area, in nominal terms, the increase in household income (+0.7%) was mainly due to the positive contributions of wages9 and social benefits (both +0.2 pp), but also gross operating surplus and mixed income, net property income and other transfer, taxes and social transfers in kind contributed positively (+0.1 pp each).

Contributions of components to the nominal growth of household adjusted gross disposable income (euro area) (seasonally adjusted data, change compared with the previous quarter) Wages (received) Net property income and other current transfers Taxes (-) Adjusted gross disposable income in current prices

Gross operating surplus and mixed income Social benefits Social transfers in kind

2%

1%

1%

0%

0%

-1%

-1%

-2%

-2%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Household real income per capita increased in the euro area In the euro area, in real terms, household income per capita10 grew by 0.6% in the third quarter of 2014, after an increase of 0.3% in the previous quarter. This was the result of nominal income per capita (+0.6%) increasing at a higher pace than prices (+0.1%). Household real consumption per capita increased by 0.5%.

Growth of household adjusted gross disposable income per capita, in nominal and real terms, and of the deflator of final consumption expenditure (euro area) (seasonally adjusted data, change compared with the previous quarter) Adjusted gross disposable income (per capita), in nominal term

2%

2%

Deflator of final consumption expenditure

Adjusted gross disposable income (per capita), in real term

1%

0%

0%

-1%

-1%

-2%

-2%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

1%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

1. The gross saving rate of households (household saving rate) is defined as gross saving divided by gross disposable income, with the latter including the change in the net equity of households in pension funds reserves. Gross saving is the part of the gross disposable income which is not spent as final consumption expenditure. Therefore, the saving rate increases when gross disposable income grows at a higher rate than final consumption expenditure. 2. Until 31 December 2014 the euro area (EA18) consisted of 18 Member States: Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland, plus the European Central Bank and European Stability Mechanism. From 1 January 2015 the euro area (EA19) also includes Lithuania. As part of Eurostat's guidelines for the dissemination of data when the euro area is enlarged, the aggregate data series commented on in this News Release refer to the official composition in the most recent quarter for which data are available. Thus News Releases with data for quarters up to the fourth quarter of 2014 comment on EA18 series, while Releases with data for the first quarter of 2015 onwards will comment on EA19 series. Data for EA19 will be published in July 2015 (first release of sector accounts for the first quarter of 2015). Eurostat's guidelines can be found on the Eurostat website: http://ec.europa.eu/eurostat/en/web/products-eurostat-news/-/GUIDE_ENLARG_2007 3. Compared with News Release 12/2015 of 20 January 2015, both the household saving rate and the household investment rate for the third quarter of 2014 remain unchanged in the euro area. Compared with News Release 162/2014 of 27 October 2014 the household saving rate for the second quarter of 2014 has been revised from 12.9% to 13.0% in the euro area and from 10.4% to 10.5% in the EU28. The household investment rate has been revised from 8.2% to 8.3% in the euro area and remains unchanged at 7.8% in the EU28. 4. The European Union (EU28) consists of 28 Member States: Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom plus the EU institutions. 5. Seasonal adjustment has been performed using the Tramo-Seats method. The seasonally adjusted series are built up indirectly as the sum of seasonally adjusted components. 6. The compilation of the European sector accounts follows the European System of Accounts 2010 (ESA2010) and covers the period from the first quarter of 1999 to the third quarter of 2014. Institutional sectors bring together economic units with broadly similar characteristics and behaviour, namely: households (including non-profit institutions serving households), non-financial corporations, financial corporations, government and the rest of the world. In the latter, to measure the external transactions of the euro area / EU, it is necessary to remove crossborder flows within the area concerned. The ECB and Eurostat publish integrated non-financial and financial accounts, including financial balance sheets, for the euro area. Eurostat also publishes the non-financial accounts of the European Union. Eurostat's website includes detailed annual sector accounts by country and derived key indicators, which also include the indicators that combine non-financial and financial accounts such as debt-to-income ratios. The full set of quarterly sector accounts is published for euro area / EU aggregates only. However, some of the Member States' data are available in the Eurostat database and a subset of quarterly key indicators is published around 102 days after each quarter at http://ec.europa.eu/eurostat/sectoraccounts (see "Quarterly data") for 15 out of the 18 members of the European Economic Area (EEA) whose GDP is above 1% of the EU total, subject to availability. The other 13 EEA members, whose GDP is below 1% of the EU total, do not have to transmit the quarterly accounts of households to Eurostat. General information on European sector accounts compilation is given in the metadata file available at: http://ec.europa.eu/eurostat/cache/metadata/en/nasq_10_nf_tr_esms.htm For detailed data and methodology, please see Eurostat's website at: http://ec.europa.eu/eurostat/sectoraccounts and ECB's website at: http://www.ecb.eu/stats/acc/html/index.en.html. 7. The gross investment rate of households (household investment rate) is defined as gross fixed capital formation divided by gross disposable income, with the latter being adjusted for the change in the net equity of households in pension funds reserves. Household investment mainly consists of the purchase and renovation of dwellings. 8. In this release, household income / consumption refer to the adjusted gross disposable income / actual final consumption of households including the value of goods and services (e.g. in education and health) financed by government. The amount of goods and services financed by government are recorded under 'social transfers in kind'. 9. In this release, wages exclude social contributions paid either by employees or by employers. 10. Household real income per capita is defined as the adjusted gross disposable income of households, in nominal terms, divided by the total population (source: National Accounts) and by the deflator (price index) of household final consumption expenditure.

Issued by: Eurostat Press Office

For further information:

Tim ALLEN Tel: +352-4301-33 444 [email protected]

Leonidas AKRITIDIS Filippo GREGORINI Enrico INFANTE

Eurostat news releases on the internet: http://ec.europa.eu/eurostat

Tel: +352- 4301- 38582 [email protected]

Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators Follow Eurostat on Twitter: http://twitter.com/EU_Eurostat

Table 1: Key indicators of the euro area (EA18) and of the European Union (EU28)

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

14.2 17.0 12.7 14.8 13.8 17.2 12.5 14.5 13.1 16.7 11.2 14.1 11.9 16.3 11.2 13.8 12.4 16.8 10.7 13.1 11.9 17.1 11.1 13.9 13.7 18.3 12.6 14.6 12.5 16.9 10.7 13.2 11.5 16.8 10.3 13.3 11.7 16.5 10.6 12.6 11.9 16.0 10.9 13.4 11.9 15.6 11.1

14.9 14.6 14.8 14.7 14.6 14.6 14.6 14.2 14.2 13.9 13.4 13.7 13.2 13.2 13.6 13.5 13.7 13.3 13.3 13.2 13.2 13.4 13.4 14.1 15.0 14.9 14.8 14.4 13.9 13.5 13.1 12.9 12.9 13.2 12.8 13.3 12.9 13.1 13.0 12.6 13.1 13.1 13.1 13.1 13.2 13.0 13.1

9.8 10.1 10.4 10.2 9.9 10.2 10.5 10.4 10.0 10.5 11.0 10.8 10.7 10.8 11.4 11.3 11.1 11.2 11.6 11.2 10.9 10.7 10.9 10.1 9.4 9.3 9.3 9.1 8.7 9.2 9.5 9.1 8.9 9.0 9.3 9.0 8.6 8.7 9.0 8.6 8.0 8.4 8.7 8.3 8.2 8.3 8.6

10.0 10.0 10.1 10.2 10.2 10.2 10.2 10.4 10.3 10.6 10.6 10.8 11.0 10.9 11.0 11.3 11.4 11.3 11.2 11.1 11.2 10.8 10.5 10.1 9.7 9.3 9.1 9.1 9.0 9.3 9.2 9.1 9.2 9.1 9.0 8.9 8.8 8.7 8.7 8.6 8.3 8.4 8.4 8.3 8.4 8.3 8.3

12.3 15.3 10.8 12.9 11.2 15.0 10.5 12.0 10.9 14.4 9.0 11.8 10.0 13.9 8.7 11.4 10.1 14.1 8.4 10.7 9.3 14.6 8.4 12.0 11.3 16.5 10.9 13.3 10.8 15.4 9.5 11.6 9.6 14.9 8.6 11.6 9.6 14.6 8.9 10.7 9.6 14.1 8.8 11.1 9.5 13.3 8.2

13.1 12.8 12.8 12.7 12.2 12.3 12.5 11.7 12.2 11.6 11.0 11.4 11.5 10.8 10.9 11.0 11.6 10.8 10.8 10.6 10.8 11.1 10.5 12.0 12.7 13.3 13.1 13.1 12.2 12.0 11.7 11.4 11.0 11.4 11.0 11.6 10.9 11.2 11.1 10.7 10.9 11.0 10.9 10.9 10.8 10.5 10.3

9.2 9.3 9.9 9.8 9.5 9.5 10.0 9.9 9.4 9.8 10.4 10.3 10.1 10.1 10.6 10.5 10.4 10.4 10.9 10.5 10.1 9.9 10.1 9.4 8.7 8.5 8.6 8.3 7.9 8.4 8.8 8.5 8.1 8.2 8.6 8.4 7.9 8.0 8.2 8.0 7.4 7.8 8.2 7.9 7.6 7.8 8.1

Seasonally adjusted

Not seasonally adjusted

Seasonally adjusted

European Union (EU28) Saving rate, % Investment rate, % Not seasonally adjusted

Seasonally adjusted

Not seasonally adjusted

Seasonally adjusted

Not seasonally adjusted

Euro area (EA18) Saving rate, % Investment rate, %

9.5 9.4 9.6 9.7 9.8 9.7 9.7 9.8 9.6 9.9 10.1 10.2 10.3 10.3 10.3 10.5 10.7 10.6 10.5 10.5 10.4 10.1 9.7 9.4 8.9 8.5 8.3 8.3 8.2 8.5 8.4 8.4 8.4 8.3 8.3 8.3 8.2 8.0 7.9 7.9 7.7 7.8 7.9 7.8 7.9 7.8 7.9

Table 2: Household adjusted gross disposable income and its components in the euro area (EA18)

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

577296 580285 587681 590640 594244 599756 600978 605715 612210 615537 621874 630054 633933 644428 651093 660041 668193 675213 685267 694028 702342 707943 714259 711743 701471 701225 701471 705639 706966 710795 714617 719191 722029 727358 726979 729919 731130 731210 731835 728031 730466 731853 735130 739971 743456 747156 751121

317491 320658 325041 328381 331241 335899 337561 340715 342895 345583 347378 349498 357392 360123 366103 370881 372280 376836 381305 385715 389254 391065 388525 379876 365734 366579 367034 366702 367206 366222 368440 374652 380525 384387 383509 383150 378148 378486 380558 379239 381371 384025 387768 385511 389424 388281 389270

200722 197697 200847 200726 203604 204840 206201 208706 211246 213227 218577 219588 221517 225759 229519 232068 235264 238763 238648 240622 242492 243124 241680 237820 237931 227050 220894 217520 214869 215446 215994 216212 219281 224933 227194 227553 231946 231443 227267 227913 227383 226375 227153 226563 226452 229466 230618

341691 345967 350493 351421 356021 357782 360103 362167 365230 369054 370765 373306 378053 380744 382992 387083 388615 393243 396126 402933 404845 409292 416567 420043 432431 442831 446562 447926 450807 452076 452410 454976 456281 457652 459984 463030 466504 469118 472771 473815 478052 480837 481522 483719 485368 488719 493234

169843 170792 174360 176144 173328 175469 173784 177520 180898 181485 185523 185550 193403 195135 195947 200335 202914 209866 214676 218265 220757 223163 224991 224136 218897 214141 213885 214315 215109 217314 216464 220348 223141 223935 227066 227546 232562 235395 239261 240859 241584 243773 246637 245854 248592 249298 248204

1267358 1273815 1289702 1295025 1311782 1322808 1331058 1339783 1350683 1361917 1373071 1386896 1397492 1415918 1433760 1449739 1461438 1474187 1486669 1505034 1518176 1528261 1536041 1525346 1518670 1523543 1522075 1523472 1524739 1527225 1534998 1544683 1554975 1570396 1570600 1576106 1575165 1574861 1573170 1568139 1575688 1579317 1584936 1589910 1596109 1604324 1616039

231545 234019 236626 238492 240231 242354 244306 246880 250399 253554 257039 260906 264377 267990 270786 273205 275844 278486 282316 286336 289952 293950 297008 300690 304588 307887 311185 313015 314099 315124 315734 316407 316940 317626 318375 319186 319585 319685 319889 320391 322099 323902 325623 327270 328535 329832 331292

1498902 1507834 1526327 1533517 1552013 1565161 1575365 1586663 1601082 1615471 1630111 1647802 1661869 1683908 1704546 1722944 1737282 1752674 1768985 1791370 1808128 1822211 1833049 1826036 1823258 1831430 1833261 1836487 1838838 1842348 1850732 1861090 1871916 1888022 1888974 1895291 1894750 1894547 1893059 1888531 1897787 1903218 1910559 1917179 1924644 1934156 1947332

4660 4681 4732 4747 4798 4833 4856 4883 4921 4958 4996 5043 5081 5143 5199 5248 5284 5323 5363 5422 5467 5503 5529 5502 5491 5512 5513 5518 5523 5530 5551 5577 5608 5652 5650 5664 5660 5656 5647 5629 5655 5670 5688 5703 5723 5748 5784

Gross disposable income including the change in the net equity in pension funds

Adjusted gross disposable income per capita (in euro)

Adjusted gross disposable income

Total

Taxes (-)

Social benefits

Net property income and other current transfers

Gross operating surplus and mixed income

Wages (received)

Gross disposable income

Social transfers in kind

(seasonally adjusted, millions of euro at current prices)

1281407 1288023 1304251 1310263 1326258 1337773 1345948 1355479 1366731 1378333 1390097 1403475 1413831 1433327 1450253 1464841 1477338 1490327 1502679 1522870 1537259 1548131 1555251 1546241 1538142 1542319 1542186 1542754 1543029 1545109 1553339 1562792 1572600 1588433 1589133 1594904 1594495 1594411 1591499 1587613 1594656 1598794 1605175 1609346 1616434 1624779 1636262

Table 3: Household adjusted gross disposable income and its components, in the euro area (EA18)

2007

2008

2009

2010

2011

2012

2013

2014 * **

-1.6 0.6 2.1 1.0 -1.6 1.2 -1.0 2.2 1.9 0.3 2.2 0.0 4.2 0.9 0.4 2.2 1.3 3.4 2.3 1.7 1.1 1.1 0.8 -0.4 -2.3 -2.2 -0.1 0.2 0.4 1.0 -0.4 1.8 1.3 0.4 1.4 0.2 2.2 1.2 1.6 0.7 0.3 0.9 1.2 -0.3 1.1 0.3 -0.4

1.2 1.1 1.1 0.8 0.7 0.9 0.8 1.1 1.4 1.3 1.4 1.5 1.3 1.4 1.0 0.9 1.0 1.0 1.4 1.4 1.3 1.4 1.0 1.2 1.3 1.1 1.1 0.6 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.3 0.1 0.0 0.1 0.2 0.5 0.6 0.5 0.5 0.4 0.4 0.4

0.0 0.2 0.5 0.2 0.2 0.4 0.1 0.3 0.4 0.2 0.4 0.5 0.2 0.6 0.4 0.5 0.5 0.4 0.6 0.5 0.5 0.3 0.3 -0.1 -0.6 0.0 0.0 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.0 0.2 0.1 0.0 0.0 -0.2 0.1 0.1 0.2 0.3 0.2 0.2 0.2

0.1 0.2 0.3 0.2 0.2 0.3 0.1 0.2 0.1 0.2 0.1 0.1 0.5 0.2 0.4 0.3 0.1 0.3 0.3 0.2 0.2 0.1 -0.1 -0.5 -0.8 0.0 0.0 0.0 0.0 -0.1 0.1 0.3 0.3 0.2 0.0 0.0 -0.3 0.0 0.1 -0.1 0.1 0.1 0.2 -0.1 0.2 -0.1 0.1

0.3 -0.2 0.2 0.0 0.2 0.1 0.1 0.2 0.2 0.1 0.3 0.1 0.1 0.3 0.2 0.1 0.2 0.2 0.0 0.1 0.1 0.0 -0.1 -0.2 0.0 -0.6 -0.3 -0.2 -0.1 0.0 0.0 0.0 0.2 0.3 0.1 0.0 0.2 0.0 -0.2 0.0 0.0 -0.1 0.0 0.0 0.0 0.2 0.1

0.2 -0.1 -0.2 -0.1 0.2 -0.1 0.1 -0.2 -0.2 0.0 -0.2 0.0 -0.5 -0.1 0.0 -0.3 -0.1 -0.4 -0.3 -0.2 -0.1 -0.1 -0.1 0.0 0.3 0.3 0.0 0.0 0.0 -0.1 0.0 -0.2 -0.2 0.0 -0.2 0.0 -0.3 -0.1 -0.2 -0.1 0.0 -0.1 -0.2 0.0 -0.1 0.0 0.1

0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1

0.9 0.6 1.2 0.5 1.2 0.8 0.7 0.7 0.9 0.9 0.9 1.1 0.9 1.3 1.2 1.1 0.8 0.9 0.9 1.3 0.9 0.8 0.6 -0.4 -0.2 0.4 0.1 0.2 0.1 0.2 0.5 0.6 0.6 0.9 0.1 0.3 0.0 0.0 -0.1 -0.2 0.5 0.3 0.4 0.3 0.4 0.5 0.7

Nominal growth of the adjusted gross disposable income per capita

0.1 0.3 0.3 0.1 0.3 0.1 0.1 0.1 0.2 0.2 0.1 0.2 0.3 0.2 0.1 0.2 0.1 0.3 0.2 0.4 0.1 0.2 0.4 0.2 0.7 0.6 0.2 0.1 0.2 0.1 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.1 0.2 0.1 0.2 0.1 0.0 0.1 0.1 0.2 0.2

Social transfers in kind

Gross operating surplus and mixed income Net property income and other current transfers

Wages (received)

Social transfers in kind

Taxes (-)

Social benefits

0.4 1.3 1.3 0.3 1.3 0.5 0.6 0.6 0.8 1.0 0.5 0.7 1.3 0.7 0.6 1.1 0.4 1.2 0.7 1.7 0.5 1.1 1.8 0.8 2.9 2.4 0.8 0.3 0.6 0.3 0.1 0.6 0.3 0.3 0.5 0.7 0.8 0.6 0.8 0.2 0.9 0.6 0.1 0.5 0.3 0.7 0.9

0.7 0.5 1.1 0.3 1.1 0.7 0.5 0.5 0.8 0.8 0.8 0.9 0.8 1.2 1.1 0.9 0.7 0.7 0.8 1.1 0.8 0.7 0.5 -0.5 -0.2 0.4 0.0 0.1 0.1 0.1 0.4 0.5 0.5 0.8 0.0 0.2 -0.1 -0.1 -0.2 -0.3 0.5 0.3 0.3 0.3 0.4 0.4 0.6

Real growth of the adjusted gross disposable income per capita

2006

2.4 -1.5 1.6 -0.1 1.4 0.6 0.7 1.2 1.2 0.9 2.5 0.5 0.9 1.9 1.7 1.1 1.4 1.5 0.0 0.8 0.8 0.3 -0.6 -1.6 0.0 -4.6 -2.7 -1.5 -1.2 0.3 0.3 0.1 1.4 2.6 1.0 0.2 1.9 -0.2 -1.8 0.3 -0.2 -0.4 0.3 -0.3 0.0 1.3 0.5

Growth of the deflator of final consumption expenditure**

2005

0.3 1.0 1.4 1.0 0.9 1.4 0.5 0.9 0.6 0.8 0.5 0.6 2.3 0.8 1.7 1.3 0.4 1.2 1.2 1.2 0.9 0.5 -0.6 -2.2 -3.7 0.2 0.1 -0.1 0.1 -0.3 0.6 1.7 1.6 1.0 -0.2 -0.1 -1.3 0.1 0.5 -0.3 0.6 0.7 1.0 -0.6 1.0 -0.3 0.3

Taxes

2004

0.1 0.5 1.3 0.5 0.6 0.9 0.2 0.8 1.1 0.5 1.0 1.3 0.6 1.7 1.0 1.4 1.2 1.1 1.5 1.3 1.2 0.8 0.9 -0.4 -1.4 0.0 0.0 0.6 0.2 0.5 0.5 0.6 0.4 0.7 -0.1 0.4 0.2 0.0 0.1 -0.5 0.3 0.2 0.4 0.7 0.5 0.5 0.5

Contribution* of the components to nominal growth of adjusted gross disposable income Social benefits

2003

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Gross operating surplus and mixed income Net property income and other current transfers

Wages (received)

Nominal growth of the components of adjusted gross disposable income

Nominal growth of the adjusted gross disposable income

(seasonally adjusted, percentage change compared with the previous quarter)

0.9 0.2 0.5 0.4 0.5 0.7 0.4 0.5 0.4 0.6 0.8 0.4 0.6 0.7 0.5 0.2 0.7 0.8 0.5 1.0 0.7 0.9 0.6 -0.5 -1.0 0.1 0.1 0.3 0.4 0.6 0.4 0.5 0.7 0.7 0.3 0.6 0.5 0.4 0.2 0.5 0.2 0.1 0.3 0.1 0.2 0.2 0.1

-0.2 0.2 0.6 -0.1 0.6 0.0 0.0 0.1 0.4 0.2 0.0 0.5 0.2 0.5 0.6 0.7 0.0 0.0 0.2 0.1 0.1 -0.2 -0.1 0.0 0.8 0.3 -0.1 -0.2 -0.3 -0.5 0.0 0.0 -0.2 0.1 -0.3 -0.4 -0.6 -0.5 -0.4 -0.8 0.2 0.1 0.1 0.1 0.2 0.3 0.6

The contribution 'C' of an element 'E' to the growth of an aggregate 'A' between T-1 and T is CT = (ET - ET-1) / AT-1. It is also equal to the growth rate of the component (ET - ET-1)/ET-1 multiplied by its share in the aggregate at the previous period ET-1/AT-1. Deflator for the seasonally and working days adjusted final consumption expenditure of households (including non-profit institutions serving households) which has been used to deflate adjusted gross disposable income and actual final consumption (See table 4).

Table 4: Household final consumption and gross fixed capital formation, in the euro area (EA18)

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

128547 129374 131829 133912 135142 136220 137602 141301 140402 145916 147939 152105 155177 156410 159831 164983 168319 167893 168847 169288 171736 167694 163639 156422 148714 143922 139635 140001 138344 143070 142423 142010 143925 143874 142773 142520 141076 139463 138095 136423 131652 134225 135379 133336 135945 134275 135878

1090637 1100120 1111618 1117026 1132955 1142069 1149477 1163232 1172581 1186700 1203561 1211153 1227310 1244032 1253691 1266656 1275581 1291688 1303443 1321841 1334454 1340088 1347214 1328840 1308095 1312197 1313318 1320144 1328465 1336591 1349744 1360853 1369602 1379308 1385888 1383283 1389288 1385541 1385283 1387844 1385829 1389096 1395325 1398193 1403530 1413348 1422018

231545 234019 236626 238492 240231 242354 244306 246880 250399 253554 257039 260906 264377 267990 270786 273205 275844 278486 282316 286336 289952 293950 297008 300690 304588 307887 311185 313015 314099 315124 315734 316407 316940 317626 318375 319186 319585 319685 319889 320391 322099 323902 325623 327270 328535 329832 331292

1322182 1334138 1348244 1355518 1373186 1384423 1393783 1410112 1422980 1440254 1460601 1472059 1491687 1512022 1524477 1539861 1551425 1570175 1585759 1608176 1624406 1634037 1644223 1629530 1612683 1620084 1624503 1633159 1642563 1651715 1665478 1677260 1686542 1696934 1704262 1702468 1708874 1705226 1705172 1708236 1707928 1712998 1720948 1725462 1732065 1743180 1753310

4111 4142 4180 4196 4246 4275 4297 4340 4373 4420 4476 4505 4561 4618 4650 4690 4719 4769 4808 4868 4911 4935 4959 4910 4857 4876 4885 4907 4933 4958 4996 5027 5052 5080 5098 5088 5105 5091 5087 5092 5090 5103 5124 5133 5151 5181 5207

0.9 0.6 1.9 1.6 0.9 0.8 1.0 2.7 -0.6 3.9 1.4 2.8 2.0 0.8 2.2 3.2 2.0 -0.3 0.6 0.3 1.4 -2.4 -2.4 -4.4 -4.9 -3.2 -3.0 0.3 -1.2 3.4 -0.5 -0.3 1.3 0.0 -0.8 -0.2 -1.0 -1.1 -1.0 -1.2 -3.5 2.0 0.9 -1.5 2.0 -1.2 1.2

0.6 0.9 1.1 0.5 1.3 0.8 0.7 1.2 0.9 1.2 1.4 0.8 1.3 1.4 0.8 1.0 0.8 1.2 1.0 1.4 1.0 0.6 0.6 -0.9 -1.0 0.5 0.3 0.5 0.6 0.6 0.8 0.7 0.6 0.6 0.4 -0.1 0.4 -0.2 0.0 0.2 0.0 0.3 0.5 0.3 0.4 0.6 0.6

0.5 0.8 0.9 0.4 1.2 0.7 0.5 1.0 0.8 1.1 1.3 0.6 1.2 1.2 0.7 0.9 0.6 1.0 0.8 1.2 0.9 0.5 0.5 -1.0 -1.1 0.4 0.2 0.5 0.5 0.5 0.8 0.6 0.5 0.5 0.3 -0.2 0.3 -0.3 -0.1 0.1 0.0 0.3 0.4 0.2 0.3 0.6 0.5

0.9 0.2 0.5 0.4 0.5 0.7 0.4 0.5 0.4 0.6 0.8 0.4 0.6 0.7 0.5 0.2 0.7 0.8 0.5 1.0 0.7 0.9 0.6 -0.5 -1.0 0.1 0.1 0.3 0.4 0.6 0.4 0.5 0.7 0.7 0.3 0.6 0.5 0.4 0.2 0.5 0.2 0.1 0.3 0.1 0.2 0.2 0.1

Real growth of actual final consumption per capita

Growth of the deflator of final consumption expenditure

Actual final consumption per capita

Actual final consumption

Gross fixed capital formation

Actual final consumption per capita (in euro)

Nominal growth Actual final consumption

Social transfers in kind

Final consumption expenditure

Gross fixed capital formation

(seasonally adjusted, millions of euro at current prices / percentage change compared with the previous quarter)

-0.5 0.5 0.4 -0.1 0.7 -0.1 0.1 0.5 0.4 0.5 0.5 0.2 0.6 0.5 0.2 0.6 -0.1 0.3 0.3 0.3 0.2 -0.4 -0.1 -0.5 -0.1 0.3 0.1 0.1 0.1 -0.1 0.3 0.2 -0.2 -0.2 0.1 -0.8 -0.2 -0.7 -0.3 -0.4 -0.3 0.1 0.1 0.0 0.2 0.4 0.5