STAT/09/152
29 October 2009
Sector Accounts: secondquarter of 2009
Household saving rate at 16.5% in the euro area and 14.4% in the EU27
Business investment rate at 20.8% in both zones
In the second quarter of 2009, in both the euro area (EA16) and the EU27, the seasonally adjusted household saving rate continued to increase and the household investment rate to decrease. In both zones, the fall in business investment rates and profit shares continued, though at a lower rate.
These data come from a detailed set of quarterly European sector accounts1released by Eurostat, the Statistical Office of the European Communities, and the European Central Bank (ECB).
Household saving rate up in both zones
In the second quarter of 2009, the seasonally adjusted2 gross saving rate3 of households was 14.4% in the EU274 compared with 13.5% in the first quarter of 2009.In the euro area5, the household saving ratewas 16.5% in the second quarter of 2009,compared with16.0%in the previous quarter.In both zones, these were the highest rates recorded since the start of the series in the first quarter of 1999.
Household saving rate (seasonally adjusted, %)
In the euro area, the increase in the household saving rate was due to disposable income growingfaster(0.7%) thanfinal consumption expenditure (0.2%).
Household disposable income and final consumption expenditure (euro area)
(nominal growth, seasonally adjusted data,% change compared to the previous quarter)
Household investment rates down in both zones
In the EU27, the gross investment rate of households6 was 8.2% in the secondquarter of 2009, compared with 8.5%in the first quarter of 2009. In the euro area, the household investment rate was 9.0% in the second quarter of 2009compared with 9.3%in the previous quarter.In both zones, these were the lowest rates recorded since the start of the series in the first quarter of 1999.
Household investment rate (seasonally adjusted, %)
In the euro area, the decrease in the household investment rate was caused by gross fixed capital formation (investment, mostly in dwellings)falling (-2.3%) while disposable income grew (0.7%).
Household gross disposable income and gross fixed capital formation (euro area)
(nominal growth, seasonally adjusted data, % change compared to the previous quarter)
Business investment rates down in both zones
In the EU27, the gross investment rate7 of non-financial corporations was 20.8% in the second quarter of 2009, compared with 21.4%in the first quarter of 2009. In the euro area, the investment rate was also 20.8% in the second quarter of 2009, compared with 21.4%in the previousquarter. In both zones, these were the lowest rates recorded since the start of the series in the first quarter of 1999.
Investment rate of non-financial corporations (seasonally adjusted, %)
In the euro area, the decrease inthe gross investment rate of non-financial corporations was due to gross fixed capital formation (investment)falling more steeply (-2.8%) than value added (-0.2%).
Gross value added and gross fixed capital formation of non-financial corporations (euro area)
(nominal growth, seasonally adjusted data, % change compared to the previous quarter)
Business profit shares down in both zones
In the EU27, the gross profit share8of non-financial corporations was 35.9% in the second quarter of 2009, compared with 36.2%in the first quarter of 2009. In the euro area, the profit share was 36.4% in the second quarter of 2009compared with 36.5%in the previousquarter. In both zones, these were the lowest rates recorded since the start of the series in the first quarter of 1999.
Profit share of non-financial corporations (seasonally adjusted, %)
In the euro area, the gross profit share of non-financial corporationsslightly decreased, since compensation of employees (wage costs) plus taxes less subsidies on production remained unchanged (0.0%) while value added fell (-0.2%).
Gross value added and compensation of employees plus taxes less subsidies on production (euro area)
(nominal growth, seasonally adjusted data, % change compared to the previous quarter)
- 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.
- 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.
- The gross saving rate of households is defined as gross saving divided by gross disposable income, with the latter being adjusted for 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, saving rates increase when gross disposable income grows at a higher rate than final consumption expenditure.
- The European Union (EU27) consists of 27 Member States: Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom plus the European Central Bank and the EU institutions.
- The euro area (EA16) consists of 16 Member States: Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland plus the European Central Bank.
- The gross investment rate of households 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.
- The gross investment rate of non-financial corporations is defined as gross fixed capital formation divided by gross value added. This ratio relates the investment of non-financial businesses in fixed assets (buildings, machinery etc.) to the value added created during the production process. The seasonally adjusted data published in this news release have been adjusted for one outlier found in national data, in the second quarter of 2005.
- The profit share of non-financial corporations is defined as gross operating surplus divided by gross value added. This profitability-type indicator shows the share of the value added created during the production process remunerating capital. It is the complement of the share of wage costs (plus taxes less subsidies on production) in value added.
Methodological information
The compilation of the European sector accounts follows the European System of Accounts (ESA 95) and covers the period from the first quarter of 1999 to the second quarter of 2009. The European sector accounts are not a simple sum of the data of individual countries. There are six specific compilation steps: (1) conversion to euro, (2) estimation of missing countries, (3)incorporation of the European institutions, (4) estimation of the flows between the euro area / EU and third countries, (5)balancing of the accounts and (6) seasonal adjustment of key series.
Due to the conversion to euro, the growth rates of EU aggregates may be affected by movements in exchange rates and should be viewed with caution. For this reason, nominal growth rates (bar charts and tables 4 and 5) are provided for the euro area only. However, there is hardly any impact on ratios such as saving and investment rates or profit shares.
The rest of the world accounts, as compiled by Member States, record transactions between the national economy and all non-resident units, including those in other EU Member States. To measure the external transactions of the euro area / EU, it is necessary to remove cross-border flows within the area concerned. Imbalances between intra-imports and intra-exports, called “asymmetries”, are then eliminated. Currently, intra-flows and resulting asymmetries are not removed in the other domains of national accounts of Eurostat. Therefore, European sector accounts are internally consistent but have discrepancies with other national accounts data.
For detailed data and methodology, please see Eurostat's website at: and ECB's website at:
Release and revision policy
The quarterly releases are published four months after each quarter. The next release will take place on 28January2010.
The whole time series are revised every quarter. Compared with News Release 110/2009 of 30July 2009, the household saving rate for the first quarter of 2009 has been revised from 15.6% to 16.0% in the euro area and from 13.8% to 13.5% in the EU27. The business investment rate has been revised from 21.7% to 21.4% in the euro area and from 21.8% to 21.4% in the EU27.
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 now include additional profitability indicators and debt-to-income ratios.
The full set of quarterly sector accounts is published for euro area / EU27 aggregates only. However, a subset of quarterly national key indicators is now available at "Quarterly data") for 13 out of the 17members of the European Economic Area (EEA) whose GDP is above 1% of the EU27 total. The other EEA members do not have to transmit thequarterly accounts of corporations and households to Eurostat.
Issued by:Eurostat Press Office
Johan WULLT
Tel: +352-4301-33 444
Eurostat news releases on the Internet:
/ For further information:
Denis LEYTHIENNE
Peeter LEETMAA
Hervé RENNIÉ
Tel: +352-4301-33 493
Tel: +352-4301-34 558
Selected Principal European Economic Indicators:
Table 1: Key indicators of the euro area (EA16)
Households / Non-financial corporationsSaving rate, % / Investment rate, % / Profit share, % / Investment rate, %
Not seasonally adjusted / Seasonally adjusted / Not seasonally adjusted / Seasonally adjusted / Not seasonally adjusted / Seasonally adjusted / Not seasonally adjusted / Seasonally adjusted
1999 / Q1 / 14.2 / 15.4 / 9.8 / 10.0 / 40.0 / 37.7 / 22.0 / 22.0
Q2 / 17.1 / 14.6 / 10.2 / 10.1 / 37.4 / 37.5 / 23.3 / 22.4
Q3 / 12.8 / 14.1 / 10.4 / 10.2 / 38.7 / 37.6 / 22.4 / 22.7
Q4 / 13.2 / 13.6 / 9.9 / 10.2 / 34.7 / 37.9 / 22.1 / 22.8
2000 / Q1 / 12.0 / 13.3 / 10.2 / 10.3 / 39.9 / 37.7 / 23.2 / 23.1
Q2 / 15.8 / 13.2 / 10.3 / 10.2 / 37.5 / 37.6 / 24.1 / 23.2
Q3 / 12.8 / 13.8 / 10.3 / 10.1 / 38.8 / 37.7 / 22.8 / 23.2
Q4 / 13.7 / 13.8 / 9.8 / 10.0 / 34.9 / 38.0 / 22.5 / 23.1
2001 / Q1 / 12.7 / 14.2 / 9.6 / 9.7 / 40.8 / 38.6 / 23.0 / 22.9
Q2 / 16.8 / 13.9 / 9.7 / 9.7 / 38.3 / 38.4 / 23.5 / 22.6
Q3 / 13.2 / 14.4 / 9.7 / 9.5 / 39.3 / 38.3 / 21.9 / 22.3
Q4 / 14.2 / 14.6 / 9.4 / 9.5 / 34.9 / 37.9 / 21.5 / 22.1
2002 / Q1 / 13.3 / 14.7 / 9.4 / 9.5 / 39.9 / 37.7 / 21.9 / 21.9
Q2 / 18.2 / 15.0 / 9.4 / 9.4 / 38.1 / 38.2 / 22.6 / 21.7
Q3 / 13.1 / 14.7 / 9.7 / 9.5 / 39.5 / 38.5 / 21.1 / 21.4
Q4 / 14.5 / 14.8 / 9.4 / 9.4 / 35.2 / 38.3 / 21.0 / 21.5
2003 / Q1 / 13.5 / 14.9 / 9.3 / 9.5 / 40.6 / 38.2 / 21.3 / 21.4
Q2 / 17.9 / 14.8 / 9.5 / 9.5 / 37.6 / 37.9 / 22.3 / 21.4
Q3 / 12.6 / 14.5 / 9.8 / 9.6 / 39.6 / 38.4 / 20.8 / 21.2
Q4 / 14.2 / 14.5 / 9.6 / 9.6 / 35.2 / 38.5 / 20.7 / 21.3
2004 / Q1 / 13.5 / 14.8 / 9.4 / 9.6 / 40.9 / 38.5 / 21.3 / 21.4
Q2 / 17.9 / 14.6 / 9.6 / 9.6 / 38.3 / 38.8 / 22.3 / 21.3
Q3 / 12.4 / 14.6 / 9.9 / 9.7 / 40.0 / 38.7 / 21.3 / 21.6
Q4 / 14.3 / 14.4 / 9.8 / 9.8 / 35.9 / 39.0 / 20.7 / 21.4
2005 / Q1 / 12.8 / 14.1 / 9.6 / 9.8 / 40.5 / 38.1 / 21.5 / 21.7
Q2 / 17.6 / 14.2 / 9.9 / 10.0 / 38.7 / 39.3 / 22.9 / 21.9
Q3 / 11.4 / 14.0 / 10.4 / 10.1 / 40.3 / 38.9 / 21.9 / 22.2
Q4 / 14.2 / 14.0 / 10.2 / 10.2 / 36.4 / 39.1 / 21.7 / 22.4
2006 / Q1 / 12.0 / 13.5 / 10.2 / 10.4 / 41.3 / 39.1 / 22.6 / 22.5
Q2 / 17.6 / 14.0 / 10.4 / 10.5 / 38.1 / 39.0 / 23.7 / 22.6
Q3 / 11.3 / 13.7 / 10.9 / 10.7 / 40.6 / 39.1 / 22.3 / 22.7
Q4 / 14.2 / 13.9 / 10.8 / 10.8 / 37.0 / 39.4 / 22.1 / 22.9
2007 / Q1 / 12.8 / 14.3 / 10.7 / 10.8 / 41.6 / 39.6 / 23.7 / 23.4
Q2 / 17.8 / 14.0 / 10.6 / 10.8 / 38.6 / 39.5 / 24.3 / 23.3
Q3 / 11.3 / 13.9 / 11.0 / 10.8 / 41.2 / 39.7 / 22.8 / 23.3
Q4 / 13.9 / 14.1 / 10.7 / 10.7 / 37.0 / 39.5 / 22.8 / 23.5
2008 / Q1 / 12.7 / 13.9 / 10.5 / 10.6 / 40.9 / 39.1 / 23.6 / 23.4
Q2 / 18.0 / 14.2 / 10.3 / 10.5 / 38.7 / 39.5 / 24.5 / 23.5
Q3 / 11.5 / 14.4 / 10.5 / 10.4 / 40.4 / 38.8 / 23.1 / 23.7
Q4 / 14.9 / 14.8 / 9.8 / 9.8 / 35.7 / 38.2 / 21.6 / 22.2
2009 / Q1 / 14.9 / 16.0 / 9.2 / 9.3 / 38.3 / 36.5 / 21.5 / 21.4
Q2 / 19.9 / 16.5 / 8.9 / 9.0 / 35.6 / 36.4 / 21.8 / 20.8
Table 2: Key indicators of the European Union (EU27)
Households / Non-financial corporationsSaving rate, % / Investment rate, % / Profit share, % / Investment rate, %
Not seasonally adjusted / Seasonally adjusted / Not seasonally adjusted / Seasonally adjusted / Not seasonally adjusted / Seasonally adjusted / Not seasonally adjusted / Seasonally adjusted
1999 / Q1 / 11.5 / 12.9 / 9.0 / 9.1 / 38.2 / 36.8 / 22.2 / 22.4
Q2 / 15.4 / 12.8 / 9.0 / 9.0 / 36.8 / 36.9 / 23.1 / 22.5
Q3 / 10.5 / 11.9 / 9.4 / 9.1 / 37.6 / 36.9 / 22.6 / 22.8
Q4 / 11.2 / 11.3 / 9.0 / 9.2 / 35.7 / 37.6 / 22.6 / 22.8
2000 / Q1 / 9.6 / 11.0 / 9.2 / 9.3 / 38.3 / 37.2 / 22.8 / 23.0
Q2 / 14.1 / 11.4 / 9.1 / 9.1 / 36.5 / 36.6 / 23.7 / 23.1
Q3 / 10.4 / 11.8 / 9.2 / 9.0 / 37.6 / 36.8 / 22.8 / 23.1
Q4 / 11.9 / 12.0 / 8.7 / 8.8 / 35.4 / 36.9 / 23.1 / 23.2
2001 / Q1 / 10.8 / 12.2 / 8.7 / 8.8 / 38.3 / 37.3 / 22.7 / 22.9
Q2 / 15.0 / 12.1 / 8.7 / 8.7 / 36.8 / 36.9 / 23.3 / 22.7
Q3 / 11.1 / 12.6 / 8.9 / 8.7 / 37.6 / 36.9 / 22.0 / 22.3
Q4 / 12.4 / 12.5 / 8.6 / 8.7 / 34.8 / 36.5 / 22.1 / 22.2
2002 / Q1 / 10.6 / 12.2 / 8.5 / 8.6 / 37.5 / 36.3 / 21.9 / 22.2
Q2 / 15.9 / 12.8 / 8.6 / 8.7 / 36.7 / 36.8 / 22.6 / 21.9
Q3 / 10.4 / 12.0 / 8.8 / 8.7 / 37.7 / 37.0 / 21.3 / 21.5
Q4 / 12.2 / 12.2 / 8.8 / 8.8 / 35.2 / 37.0 / 21.6 / 21.7
2003 / Q1 / 10.9 / 12.6 / 8.6 / 8.7 / 38.4 / 37.0 / 21.2 / 21.5
Q2 / 15.6 / 12.4 / 8.7 / 8.8 / 36.5 / 36.7 / 22.0 / 21.4
Q3 / 10.1 / 11.8 / 9.1 / 9.0 / 38.0 / 37.3 / 20.9 / 21.1
Q4 / 12.0 / 12.0 / 9.0 / 9.0 / 35.3 / 37.3 / 21.1 / 21.2
2004 / Q1 / 10.4 / 12.0 / 9.0 / 9.2 / 38.9 / 37.5 / 20.8 / 21.2
Q2 / 14.9 / 11.7 / 9.0 / 9.1 / 37.3 / 37.7 / 21.8 / 21.1
Q3 / 9.8 / 11.7 / 9.3 / 9.1 / 38.7 / 37.9 / 21.1 / 21.3
Q4 / 11.6 / 11.4 / 9.3 / 9.2 / 36.2 / 38.0 / 20.9 / 21.1
2005 / Q1 / 10.2 / 11.9 / 9.0 / 9.2 / 38.7 / 37.3 / 21.1 / 21.5
Q2 / 14.9 / 11.5 / 9.2 / 9.3 / 38.0 / 38.5 / 23.8 / 21.5
Q3 / 9.1 / 11.3 / 9.7 / 9.5 / 39.1 / 38.2 / 21.8 / 22.0
Q4 / 11.8 / 11.7 / 9.5 / 9.5 / 36.9 / 38.2 / 21.9 / 22.2
2006 / Q1 / 9.6 / 11.3 / 9.6 / 9.7 / 39.9 / 38.7 / 22.5 / 22.7
Q2 / 14.9 / 11.3 / 9.7 / 9.9 / 37.8 / 38.6 / 23.7 / 23.0
Q3 / 8.7 / 11.1 / 10.3 / 10.1 / 39.8 / 38.7 / 22.1 / 22.5
Q4 / 11.2 / 11.1 / 10.2 / 10.2 / 37.6 / 38.7 / 22.4 / 22.6
2007 / Q1 / 9.2 / 10.9 / 10.2 / 10.3 / 39.8 / 38.8 / 23.0 / 23.1
Q2 / 14.5 / 10.8 / 10.1 / 10.3 / 38.0 / 38.8 / 23.6 / 22.9
Q3 / 8.5 / 11.0 / 10.4 / 10.2 / 39.9 / 38.7 / 23.1 / 23.5
Q4 / 11.3 / 11.0 / 10.2 / 10.1 / 37.4 / 38.7 / 23.3 / 23.5
2008 / Q1 / 8.8 / 10.6 / 9.9 / 9.9 / 39.3 / 38.3 / 23.1 / 23.3
Q2 / 14.8 / 11.1 / 9.6 / 9.8 / 37.9 / 38.6 / 24.3 / 23.5
Q3 / 8.6 / 11.2 / 9.7 / 9.6 / 39.1 / 38.0 / 23.4 / 23.8
Q4 / 12.5 / 12.1 / 9.0 / 9.0 / 36.3 / 37.6 / 22.4 / 22.6
2009 / Q1 / 12.0 / 13.5 / 8.5 / 8.5 / 37.3 / 36.2 / 21.3 / 21.4
Q2 / 17.7 / 14.4 / 8.1 / 8.2 / 35.1 / 35.9 / 21.5 / 20.8
Table 3:Household gross disposable incomeand its components, final consumption expenditure
and gross fixed capital formation, in the euro area (EA16)
(Millions of euro at current prices, seasonally adjusted)
Gross disposable income / Final consumption expenditure / Gross fixed capital formationCompensation of employees
(received) / Gross operating surplus and mixed income / Net property income and other current transfers / Net social benefits* / Taxes (-) / Total*
1999 / Q1 / 774542 / 256188 / 181065 / 9032 / 150515 / 1070313 / 905952 / 106717
Q2 / 785592 / 259204 / 179401 / 8405 / 157170 / 1075433 / 917900 / 108691
Q3 / 795965 / 262004 / 182352 / 8256 / 161361 / 1087215 / 933567 / 110571
Q4 / 806819 / 265702 / 185087 / 7831 / 165803 / 1099636 / 949855 / 111900
2000 / Q1 / 817329 / 268401 / 187789 / 5968 / 170313 / 1109174 / 961863 / 114014
Q2 / 827113 / 272047 / 189782 / 4847 / 169386 / 1124403 / 975693 / 114504
Q3 / 837792 / 275875 / 192873 / 5101 / 168178 / 1143463 / 985580 / 115117
Q4 / 847314 / 278908 / 192843 / 3986 / 166887 / 1156165 / 997001 / 115175
2001 / Q1 / 856109 / 282914 / 200727 / 8462 / 171033 / 1177179 / 1009655 / 114624
Q2 / 865096 / 285595 / 200024 / 6999 / 172668 / 1185045 / 1020039 / 114778
Q3 / 873243 / 288578 / 199663 / 7847 / 170404 / 1198927 / 1025812 / 114364
Q4 / 881318 / 291071 / 201011 / 8624 / 175006 / 1207017 / 1030446 / 114953
2002 / Q1 / 889672 / 294164 / 192792 / 11140 / 172143 / 1215626 / 1037133 / 115428
Q2 / 895713 / 297023 / 196437 / 13721 / 174733 / 1228162 / 1043543 / 115828
Q3 / 901649 / 299644 / 194174 / 14975 / 176589 / 1233853 / 1053014 / 117015
Q4 / 907435 / 302050 / 198100 / 17193 / 175444 / 1249334 / 1064573 / 118017
2003 / Q1 / 912291 / 303186 / 202965 / 13926 / 173099 / 1259270 / 1071179 / 119084
Q2 / 918985 / 305621 / 199290 / 16050 / 173669 / 1266276 / 1079313 / 120620
Q3 / 927702 / 308139 / 200108 / 17608 / 177668 / 1275889 / 1091478 / 122013
Q4 / 933106 / 311153 / 200185 / 19447 / 179829 / 1284061 / 1098494 / 123204
2004 / Q1 / 940853 / 314693 / 206133 / 18789 / 175176 / 1305292 / 1111477 / 125335
Q2 / 947000 / 318071 / 206268 / 19595 / 177930 / 1313003 / 1121185 / 126403
Q3 / 951539 / 321566 / 206617 / 18770 / 177159 / 1321333 / 1128530 / 128112
Q4 / 958077 / 324566 / 210691 / 18712 / 178703 / 1333343 / 1141584 / 130993
2005 / Q1 / 965162 / 328033 / 211723 / 20242 / 183861 / 1341299 / 1152495 / 131810
Q2 / 972534 / 331573 / 217329 / 21645 / 183347 / 1359734 / 1167048 / 135850
Q3 / 981448 / 334523 / 223087 / 20302 / 186713 / 1372647 / 1180691 / 138729
Q4 / 993579 / 338829 / 224337 / 17537 / 187722 / 1386560 / 1192622 / 141127
2006 / Q1 / 1001723 / 344088 / 228017 / 18737 / 196816 / 1395749 / 1206686 / 145616
Q2 / 1014406 / 349042 / 231907 / 18178 / 196530 / 1417002 / 1219267 / 148928
Q3 / 1025521 / 354989 / 232086 / 14410 / 198792 / 1428214 / 1231841 / 152515
Q4 / 1034680 / 361059 / 234873 / 14562 / 201494 / 1443679 / 1242344 / 156022
2007 / Q1 / 1047643 / 366138 / 237291 / 13279 / 205362 / 1458989 / 1250700 / 158280
Q2 / 1059238 / 371081 / 239135 / 10911 / 208805 / 1471560 / 1264999 / 159313
Q3 / 1071474 / 375744 / 242167 / 12394 / 217001 / 1484779 / 1279083 / 160612
Q4 / 1084685 / 379411 / 245410 / 13634 / 220207 / 1502934 / 1291757 / 160823
2008 / Q1 / 1097657 / 382972 / 246863 / 12114 / 221109 / 1518497 / 1307367 / 160994
Q2 / 1109412 / 386385 / 250949 / 13618 / 223969 / 1536395 / 1317570 / 161093
Q3 / 1121285 / 389598 / 250237 / 16414 / 224684 / 1552851 / 1329003 / 160861
Q4 / 1117930 / 385763 / 235306 / 16876 / 222220 / 1533656 / 1306555 / 149857
2009 / Q1 / 1103569 / 377456 / 246094 / 27947 / 218329 / 1536738 / 1290169 / 142561
Q2 / 1105425 / 376423 / 236938 / 40170 / 211015 / 1547941 / 1292215 / 139306
*Including net adjustment for the change in net equity of households in pension funds reserves.
Table 4: Household gross disposable income and its components, final consumption expenditure
and its deflator and gross fixed capital formation, in the euro area (EA16)
(seasonally adjusted, percentage change compared to the previous quarter)
Nominal growth of the componentsof gross disposable income / Contribution** of the components to nominal growth of gross disposable income / Nominal growth of
gross disposable income* / Nominal growth of
final consumption expenditure / Growth of the deflator of
final consumption expenditure*** / Nominal growth of
gross fixed capital formation
Compensation of employees (received) / Gross operating surplus and mixed income / Net property income and other current transfers / Net social benefits* / Taxes (-) / Compensation of employees (received) / Gross operating surplus and mixed income / Net property income and other current transfers / Net social benefits* / Taxes
1999 / Q1 / : / : / : / : / : / : / : / : / : / : / : / : / : / :
Q2 / 1.4 / 1.2 / -0.9 / -6.9 / 4.4 / 1.0 / 0.3 / -0.2 / -0.1 / -0.6 / 0.5 / 1.3 / 0.4 / 1.8
Q3 / 1.3 / 1.1 / 1.6 / -1.8 / 2.7 / 1.0 / 0.3 / 0.3 / 0.0 / -0.4 / 1.1 / 1.7 / 0.3 / 1.7
Q4 / 1.4 / 1.4 / 1.5 / -5.1 / 2.8 / 1.0 / 0.3 / 0.3 / 0.0 / -0.4 / 1.1 / 1.7 / 0.5 / 1.2
2000 / Q1 / 1.3 / 1.0 / 1.5 / -23.8 / 2.7 / 1.0 / 0.2 / 0.2 / -0.2 / -0.4 / 0.9 / 1.3 / 0.8 / 1.9
Q2 / 1.2 / 1.4 / 1.1 / -18.8 / -0.5 / 0.9 / 0.3 / 0.2 / -0.1 / 0.1 / 1.4 / 1.4 / 0.5 / 0.4
Q3 / 1.3 / 1.4 / 1.6 / 5.2 / -0.7 / 0.9 / 0.3 / 0.3 / 0.0 / 0.1 / 1.7 / 1.0 / 0.8 / 0.5
Q4 / 1.1 / 1.1 / 0.0 / -21.8 / -0.8 / 0.8 / 0.3 / 0.0 / -0.1 / 0.1 / 1.1 / 1.2 / 0.7 / 0.1
2001 / Q1 / 1.0 / 1.4 / 4.1 / 112.3 / 2.5 / 0.8 / 0.3 / 0.7 / 0.4 / -0.4 / 1.8 / 1.3 / 0.3 / -0.5
Q2 / 1.0 / 0.9 / -0.4 / -17.3 / 1.0 / 0.8 / 0.2 / -0.1 / -0.1 / -0.1 / 0.7 / 1.0 / 0.8 / 0.1
Q3 / 0.9 / 1.0 / -0.2 / 12.1 / -1.3 / 0.7 / 0.3 / 0.0 / 0.1 / 0.2 / 1.2 / 0.6 / 0.4 / -0.4
Q4 / 0.9 / 0.9 / 0.7 / 9.9 / 2.7 / 0.7 / 0.2 / 0.1 / 0.1 / -0.4 / 0.7 / 0.5 / 0.4 / 0.5
2002 / Q1 / 0.9 / 1.1 / -4.1 / 29.2 / -1.6 / 0.7 / 0.3 / -0.7 / 0.2 / 0.2 / 0.7 / 0.6 / 0.5 / 0.4
Q2 / 0.7 / 1.0 / 1.9 / 23.2 / 1.5 / 0.5 / 0.2 / 0.3 / 0.2 / -0.2 / 1.0 / 0.6 / 0.5 / 0.3
Q3 / 0.7 / 0.9 / -1.2 / 9.1 / 1.1 / 0.5 / 0.2 / -0.2 / 0.1 / -0.2 / 0.5 / 0.9 / 0.4 / 1.0
Q4 / 0.6 / 0.8 / 2.0 / 14.8 / -0.6 / 0.5 / 0.2 / 0.3 / 0.2 / 0.1 / 1.3 / 1.1 / 0.5 / 0.9
2003 / Q1 / 0.5 / 0.4 / 2.5 / -19.0 / -1.3 / 0.4 / 0.1 / 0.4 / -0.3 / 0.2 / 0.8 / 0.6 / 0.9 / 0.9
Q2 / 0.7 / 0.8 / -1.8 / 15.3 / 0.3 / 0.5 / 0.2 / -0.3 / 0.2 / 0.0 / 0.6 / 0.8 / 0.2 / 1.3
Q3 / 0.9 / 0.8 / 0.4 / 9.7 / 2.3 / 0.7 / 0.2 / 0.1 / 0.1 / -0.3 / 0.8 / 1.1 / 0.5 / 1.2
Q4 / 0.6 / 1.0 / 0.0 / 10.4 / 1.2 / 0.4 / 0.2 / 0.0 / 0.1 / -0.2 / 0.6 / 0.6 / 0.5 / 1.0
2004 / Q1 / 0.8 / 1.1 / 3.0 / -3.4 / -2.6 / 0.6 / 0.3 / 0.5 / -0.1 / 0.4 / 1.7 / 1.2 / 0.5 / 1.7
Q2 / 0.7 / 1.1 / 0.1 / 4.3 / 1.6 / 0.5 / 0.3 / 0.0 / 0.1 / -0.2 / 0.6 / 0.9 / 0.7 / 0.9
Q3 / 0.5 / 1.1 / 0.2 / -4.2 / -0.4 / 0.3 / 0.3 / 0.0 / -0.1 / 0.1 / 0.6 / 0.7 / 0.4 / 1.4
Q4 / 0.7 / 0.9 / 2.0 / -0.3 / 0.9 / 0.5 / 0.2 / 0.3 / 0.0 / -0.1 / 0.9 / 1.2 / 0.4 / 2.2
2005 / Q1 / 0.7 / 1.1 / 0.5 / 8.2 / 2.9 / 0.5 / 0.3 / 0.1 / 0.1 / -0.4 / 0.6 / 1.0 / 0.4 / 0.6
Q2 / 0.8 / 1.1 / 2.6 / 6.9 / -0.3 / 0.5 / 0.3 / 0.4 / 0.1 / 0.0 / 1.4 / 1.3 / 0.6 / 3.1
Q3 / 0.9 / 0.9 / 2.6 / -6.2 / 1.8 / 0.7 / 0.2 / 0.4 / -0.1 / -0.2 / 0.9 / 1.2 / 0.7 / 2.1
Q4 / 1.2 / 1.3 / 0.6 / -13.6 / 0.5 / 0.9 / 0.3 / 0.1 / -0.2 / -0.1 / 1.0 / 1.0 / 0.5 / 1.7
2006 / Q1 / 0.8 / 1.6 / 1.6 / 6.8 / 4.8 / 0.6 / 0.4 / 0.3 / 0.1 / -0.7 / 0.7 / 1.2 / 0.4 / 3.2
Q2 / 1.3 / 1.4 / 1.7 / -3.0 / -0.1 / 0.9 / 0.4 / 0.3 / 0.0 / 0.0 / 1.5 / 1.0 / 0.7 / 2.3
Q3 / 1.1 / 1.7 / 0.1 / -20.7 / 1.2 / 0.8 / 0.4 / 0.0 / -0.3 / -0.2 / 0.8 / 1.0 / 0.5 / 2.4
Q4 / 0.9 / 1.7 / 1.2 / 1.1 / 1.4 / 0.6 / 0.4 / 0.2 / 0.0 / -0.2 / 1.1 / 0.9 / 0.3 / 2.3
2007 / Q1 / 1.3 / 1.4 / 1.0 / -8.8 / 1.9 / 0.9 / 0.4 / 0.2 / -0.1 / -0.3 / 1.1 / 0.7 / 0.6 / 1.4
Q2 / 1.1 / 1.4 / 0.8 / -17.8 / 1.7 / 0.8 / 0.3 / 0.1 / -0.2 / -0.2 / 0.9 / 1.1 / 0.7 / 0.7
Q3 / 1.2 / 1.3 / 1.3 / 13.6 / 3.9 / 0.8 / 0.3 / 0.2 / 0.1 / -0.6 / 0.9 / 1.1 / 0.6 / 0.8
Q4 / 1.2 / 1.0 / 1.3 / 10.0 / 1.5 / 0.9 / 0.2 / 0.2 / 0.1 / -0.2 / 1.2 / 1.0 / 1.0 / 0.1
2008 / Q1 / 1.2 / 0.9 / 0.6 / -11.2 / 0.4 / 0.9 / 0.2 / 0.1 / -0.1 / -0.1 / 1.0 / 1.2 / 0.8 / 0.1
Q2 / 1.1 / 0.9 / 1.7 / 12.4 / 1.3 / 0.8 / 0.2 / 0.3 / 0.1 / -0.2 / 1.2 / 0.8 / 1.0 / 0.1
Q3 / 1.1 / 0.8 / -0.3 / 20.5 / 0.3 / 0.8 / 0.2 / 0.0 / 0.2 / 0.0 / 1.1 / 0.9 / 0.7 / -0.1
Q4 / -0.3 / -1.0 / -6.0 / 2.8 / -1.1 / -0.2 / -0.2 / -1.0 / 0.0 / 0.2 / -1.2 / -1.7 / -0.4 / -6.8
2009 / Q1 / -1.3 / -2.2 / 4.6 / 65.6 / -1.8 / -0.9 / -0.5 / 0.7 / 0.7 / 0.3 / 0.2 / -1.3 / -0.8 / -4.9
Q2 / 0.2 / -0.3 / -3.7 / 43.7 / -3.3 / 0.1 / -0.1 / -0.6 / 0.8 / 0.5 / 0.7 / 0.2 / 0.1 / -2.3
*Including net adjustment for the change in net equity of households in pension funds reserves.
**The contribution of a component ("C") to the growth of an aggregate ("A") is equal to the product of the growth rate of this component by its weight in the aggregate at the previous period: ((Ct-Ct-1)/Ct-1) * (Ct-1/At-1) or simply (Ct-Ct-1)/At-1.
***Deflator for the seasonally adjusted final consumption expenditure of households (including non-profit institutions serving households).
Table 5: Gross operating surplus, its components, changes in inventories and gross fixed capital formation of non-financial corporations, in the euro area (EA16)
(Seasonally adjusted)
Millions of euro at current prices / % change compared to the previous quarterGross value added / Compensation of employees (paid) / Other taxes less subsidies on production / Gross operating surplus / Gross fixed capital formation / Changes in inventories net acquisitions of valuables / Gross value added / Compensation of employees and other taxes less subsidies on production / Gross operating surplus / Gross fixed capital formation
Total / Of which Compensation of employees
1999 / Q1 / 798348 / 485307 / 12005 / 301036 / 175252 / 3768 / : / : / : / : / :
Q2 / 808593 / 493237 / 12361 / 302994 / 181399 / 5568 / 1.3 / 1.7 / 1.6 / 0.7 / 3.5
Q3 / 823170 / 500753 / 12871 / 309546 / 186951 / 3106 / 1.8 / 1.6 / 1.5 / 2.2 / 3.1
Q4 / 840227 / 508670 / 13290 / 318266 / 191386 / 5574 / 2.1 / 1.6 / 1.6 / 2.8 / 2.4
2000 / Q1 / 850521 / 515799 / 13824 / 320898 / 196394 / 5409 / 1.2 / 1.5 / 1.4 / 0.8 / 2.6
Q2 / 859726 / 522984 / 13912 / 322830 / 199146 / 6504 / 1.1 / 1.4 / 1.4 / 0.6 / 1.4
Q3 / 872699 / 530103 / 13768 / 328828 / 202752 / 9116 / 1.5 / 1.3 / 1.4 / 1.9 / 1.8
Q4 / 888256 / 536688 / 13758 / 337809 / 205513 / 10493 / 1.8 / 1.2 / 1.2 / 2.7 / 1.4
2001 / Q1 / 907993 / 543600 / 13658 / 350735 / 207633 / 4657 / 2.2 / 1.2 / 1.3 / 3.8 / 1.0
Q2 / 913193 / 548614 / 13908 / 350670 / 206401 / 4200 / 0.6 / 0.9 / 0.9 / 0.0 / -0.6
Q3 / 920728 / 554539 / 14001 / 352188 / 205204 / 4916 / 0.8 / 1.1 / 1.1 / 0.4 / -0.6
Q4 / 922983 / 558927 / 14079 / 349977 / 204224 / -3539 / 0.2 / 0.8 / 0.8 / -0.6 / -0.5
2002 / Q1 / 927456 / 563709 / 14538 / 349209 / 203189 / -5009 / 0.5 / 0.9 / 0.9 / -0.2 / -0.5
Q2 / 941648 / 567387 / 14384 / 359877 / 204384 / -992 / 1.5 / 0.6 / 0.7 / 3.1 / 0.6
Q3 / 951444 / 570855 / 14458 / 366131 / 203959 / -2358 / 1.0 / 0.6 / 0.6 / 1.7 / -0.2
Q4 / 954161 / 574179 / 14270 / 365712 / 205081 / -5545 / 0.3 / 0.5 / 0.6 / -0.1 / 0.6
2003 / Q1 / 955778 / 576666 / 14216 / 364896 / 204319 / 4403 / 0.2 / 0.4 / 0.4 / -0.2 / -0.4
Q2 / 958674 / 581741 / 13943 / 362990 / 204803 / -571 / 0.3 / 0.8 / 0.9 / -0.5 / 0.2
Q3 / 974473 / 585683 / 14482 / 374308 / 206133 / -6192 / 1.6 / 0.8 / 0.7 / 3.1 / 0.6
Q4 / 984357 / 590422 / 15125 / 378810 / 209361 / -947 / 1.0 / 0.9 / 0.8 / 1.2 / 1.6
2004 / Q1 / 993259 / 595282 / 15175 / 382801 / 212519 / -4724 / 0.9 / 0.8 / 0.8 / 1.1 / 1.5
Q2 / 1004773 / 599096 / 16084 / 389593 / 214003 / -1384 / 1.2 / 0.8 / 0.6 / 1.8 / 0.7
Q3 / 1011455 / 603114 / 16552 / 391790 / 218057 / 5655 / 0.7 / 0.7 / 0.7 / 0.6 / 1.9
Q4 / 1024377 / 607667 / 17487 / 399222 / 218871 / 7477 / 1.3 / 0.9 / 0.8 / 1.9 / 0.4
2005 / Q1 / 1016943 / 611379 / 18099 / 387465 / 220685 / -2174 / -0.7 / 0.7 / 0.6 / -2.9 / 0.8
Q2 / 1047236 / 616396 / 18860 / 411980 / 229055 / 2915 / 3.0 / 0.9 / 0.8 / 6.3 / 3.8
Q3 / 1051095 / 622600 / 19586 / 408909 / 233310 / -2855 / 0.4 / 1.1 / 1.0 / -0.7 / 1.9
Q4 / 1061915 / 628587 / 17676 / 415652 / 237960 / 8386 / 1.0 / 0.6 / 1.0 / 1.6 / 2.0
2006 / Q1 / 1075720 / 636439 / 18407 / 420875 / 242124 / 10474 / 1.3 / 1.3 / 1.2 / 1.3 / 1.7
Q2 / 1087658 / 644129 / 19178 / 424351 / 246287 / 5027 / 1.1 / 1.3 / 1.2 / 0.8 / 1.7
Q3 / 1102566 / 651627 / 19597 / 431343 / 250714 / 5112 / 1.4 / 1.2 / 1.2 / 1.6 / 1.8
Q4 / 1120276 / 659591 / 19057 / 441628 / 256170 / -831 / 1.6 / 1.1 / 1.2 / 2.4 / 2.2
2007 / Q1 / 1136645 / 666695 / 19958 / 449992 / 266349 / 7111 / 1.5 / 1.2 / 1.1 / 1.9 / 4.0
Q2 / 1151037 / 676428 / 20191 / 454418 / 267662 / 5168 / 1.3 / 1.5 / 1.5 / 1.0 / 0.5
Q3 / 1168575 / 684253 / 20322 / 464000 / 272664 / 5359 / 1.5 / 1.1 / 1.2 / 2.1 / 1.9
Q4 / 1178215 / 692829 / 20347 / 465040 / 277081 / 3130 / 0.8 / 1.2 / 1.3 / 0.2 / 1.6
2008 / Q1 / 1186706 / 702300 / 20402 / 464004 / 278077 / 4287 / 0.7 / 1.3 / 1.4 / -0.2 / 0.4
Q2 / 1205798 / 708941 / 20687 / 476170 / 282885 / 1727 / 1.6 / 1.0 / 0.9 / 2.6 / 1.7
Q3 / 1207094 / 717438 / 21089 / 468567 / 285607 / 6260 / 0.1 / 1.2 / 1.2 / -1.6 / 1.0
Q4 / 1182488 / 713411 / 17910 / 451167 / 262775 / 15303 / -2.0 / -1.0 / -0.6 / -3.7 / -8.0
2009 / Q1 / 1128349 / 697650 / 18672 / 412027 / 241145 / -6097 / -4.6 / -2.1 / -2.2 / -8.7 / -8.2
Q2 / 1125956 / 699520 / 16756 / 409681 / 234417 / -20735 / -0.2 / 0.0 / 0.3 / -0.6 / -2.8