Savings of the Portuguese among those that grew the most in times of pandemic

According to Eurostat estimates, the household savings rate increased in almost all member states in the second quarter of 2020. Ireland, Spain and Portugal are on the podium of countries in the European bloc where the greatest savings have been seen

Portugal is among the three main countries in the European bloc that has seen its family savings increase.

According to Eurostat estimates released on Thursday, the household savings rate increased in almost all member states in the second quarter of 2020 when compared to the previous quarter, except in Sweden, which saw its family savings drop 3,2 , XNUMX percentage points (pp).

The biggest increases were observed in Ireland (+18,1 pp), Spain (+ 12,3 pp) and Portugal (+ 9,6 pp) and was motivated by the strong reduction in individual consumption expenditure due to the constraints of the pandemic.

In turn, the investment rate of households has been declining in the eurozone, and in the EU it has varied between member states. In the second quarter of 2020, the investment assessment increased by 0,9 percentage points in the euro area and 0,7 percentage points in the EU.

Among the member states for which data are available, eight member states recorded a decrease in the household investment rate, with the largest declines in Ireland (-3,1 pp), France (-1,3 pp) and Italy (-1,1 pp). Conversely, the investment rate of households increased in Finland, Sweden and Portugal, and remained stable in Denmark

As for the real consumption of households in the euro area, this continued to fall, having reached a more significant increase in the second quarter of 2020.

According to Eurostat accounts, real household consumption per capita fell 10,7% in the euro area, after decreasing by 3,3% in the previous quarter. This drop was a reaction to the restriction measures that, despite having eased, caused a fall in this index. This is the biggest drop since 1999.

As for real family income per capita, it decreased by 2020% in the second quarter of 3,2, after a slight increase of 0,5% in the first quarter.

In the European Union, real household consumption per capita decreased by 12,3% in the second quarter of 2020, after a 3,2% reduction in the previous quarter. According to Eurostat, this is also the largest since the beginning of the historical series in 1999.

With regard to the real income of households per capita, this decreased by 4,8% in the second quarter of 2020, after an increase of 0,5% in the first quarter of 2020.

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