The Spanish household savings rate recorded its seventh consecutive positive quarter from April to June after increasing its gross disposable income by 21.2%, compared to 19.6% in the same period of the previous year , according to the Institution’s non-financial quarterly accounts. Sectors published this Monday by the National Institute of Statistics (INE).
Here again, households spent less than they earned. Thus, its disposable income increased by 8.7% over one year, to 278.195 million euros, while its consumer spending totaled 219.807 million euros, or 6.7% more, leaving a saving on this period of 59.031 million euros. 8.818 million more or 17.6% more than a year ago.
By being able to finance with their savings the investment they made in the second quarter of the year, households showed a financing capacity of 41.212 million euros, compared to the 34.265 million estimated for the second quarter of 2023, which represents an increase of 20%. 3% over one year in relative values.
inflation and the new “era” of interest rates inaugurated in June by the European Central Bank (ECB) after having applied the first reduction in eight years have a direct influence on this statistic.
Family savings statistics coincide with a second quarter of rebound in inflation which brought it back above 3% (3.6% in May) until June, including. Overall, product prices are increasing at a much less aggressive rate and that’s a relief to the pockets. The drop in rates, for its part, could put an end to some of the fears or preventive savings that households would continue to apply due to economic uncertainty.
Thus, without confirming the evolution of the next quarters and the effect of these variables, the increase in savings remains far behind the 83% recorded between January and March.
