Money Buzz! Europa

Tag: household

  • Sweden to give a 583 million euros aid to households

    Sweden to give a 583 million euros aid to households

    Swedish government announced on Wednesday that it will give 6 billion SEK (583 million euros) to help households ”hit” by high electricity prices.

    Over 1.8 million households across the country will benefit from this plan, according to government calculations, EFE says.

    The compensation will be based on the electricity consumption of each Swedish household from December, January and February.

    Those who exceed a 2,000 KWh consumption will receive a maximum of SEK 2.000 per month (194 euros).

    Money will be distributed automatically to the most affected households, without the need to apply for aid.

  • Average income per household member in Bulgaria at EUR 922,85

    Average income per household member in Bulgaria at EUR 922,85

    The total income average per household member in Bulgaria during the fourth quarter of 2020 is at 1.805 BGN, NSI reports.

    This is an increase by 2.0% compared to the same quarter of 2019.

    The highest relative share of income within the total income is this from wages and salaries (54.1%). Income from pensions is at 30.1% and from self-employment at 6.2%.

    Compared to the Q4 2019 the relative share of income from wages and salaries decreases by 2.1 percentage points (pp) and income from pensions increases by 2.8%.

    The total expenditure average per household member during the fourth quarter of 2020 is 1,681 BGN, an increase by 0.7%.

    The greatest share in forming the total expenditure has expenditure on food and non-alcoholic beverages, 28.8% as well as expenditure on housing, 18.2%.

    Taxes and social insurance contributions count for 12.9% and transport and communication for 11.3% of total expenditure.

  • Danish households’ financial net wealth increased in Q3 2020

    Danish households’ financial net wealth increased in Q3 2020

    The Danish households’ financial net wealth increased by kr. 362 billion in the third quarter and reached kr. 5657 billion in total, Danmarks Nationalbank reports.

    The rapid recovery of wealth continued and now more than offset the historically large decline at the beginning of the year with a net increase of kr. 168 billion.

    The average financial net wealth of a Danish household at kr. 2.07 million

    However, the typical household has less wealth than this average, while a smaller proportion possesses larger wealth.

    For example, the size of Danes’ pension savings varies greatly depending on age and income level etc.

    Thus, the 10 per cent of Danes with the largest pension savings own 43 per cent of the total pension wealth.

    By comparison, the 50 per cent of Danes with the smallest savings own just 8 per cent of the total pension wealth.

  • Households in the EU have devoted almost a quarter of income to housing costs

    Households in the EU have devoted almost a quarter of income to housing costs

    In 2019, nearly a quarter (23.5%) of household consumption expenditure was devoted to ”Housing, water, electricity, gas and other fuels”, Eurostat reports.

    This is the EU’s largest household expenditure item by far, ahead of ”Transport” (13.1%) and ”Food and non-alcoholic beverages” (13.0%), followed by ”Restaurants and hotels” as well as ”Recreation and culture” (both 8.7%).

    The remaining household spending was distributed over ”Furnishings, household equipment and routine household maintenance” (5.5%), ”Clothing and footwear” (4.6%) and ”Health” (4.4%).

    ”Alcoholic beverages, tobacco and narcotics” stand at 4.0% of household consumption expenditure, ”Communications” account for 2.4%, ”Education” (0.9%) and ”Other” (11.2%).

  • EU household saving rate recorded its highest year-over-year increase

    EU household saving rate recorded its highest year-over-year increase

    In the second quarter of 2020, the EU household saving rate recorded its highest year-over-year increase since the time series began at +10.8 percentage points (pp), Eurostat reports.

    The main reason behind this was a marked 17.3% year-on-year decline in household final consumption expenditure. This drop in household final consumption expenditure was in stark contrast with the decrease of 1.8% in the last quarter and recent increases in excess of 2%.

    Compared with the second quarter of 2019, the household saving rate increased in all but one of the Member States (for which data are available) in the second quarter of 2020.

    Sweden was the only Member State where there was a decline (-0.6pp), while the highest year-over-year increase was observed for Ireland (+22.0 pp), followed by Spain (+13.7 pp).

    The increase in the household saving rate in the majority of the countries with available data is mainly explained by the large decrease in household individual consumption expenditure.

    The largest decreases in household expenditure were observed for Spain (-23.9%) and Ireland (-22.8%), while the lowest decreases were noted in Czechia (-4.4%) and Denmark (-7.7%).

  • Bulgarian households deposits at BGN 58.152 billion in September 2020

    Bulgarian households deposits at BGN 58.152 billion in September 2020

    At the end of September 2020, deposits of the non-government sector in Bulgaria were BGN 89.776 billion (80.9% of GDP), increasing annually by 9% (8.9% annual growth in August 2020).

    Deposits of Non-financial corporations were BGN 28.529 billion (25.7% of GDP) at the end of September 2020.

    Compared to the same month of 2019 they increased by 12.4% (12.2% annual growth in August 2020).

    Deposits of Financial corporations decreased by 0.6% annually in September 2020 (5.2% annual growth in August 2020) and at the end of the month they were BGN 3.094 billion (2.8% of GDP).

    Deposits of Households were BGN 58.152 billion (52.4% of GDP) at the end of September 2020. They increased by 7.9% compared to the same month of 2019 (7.6% annual growth in August 2020).

    At the end of September 2020, claims on loans to the non-government sector amounted to BGN 64.303 billion (57.9% of GDP) compared to BGN 63.580 billion (57.3% of GDP) at the end of August 2020.

    They increased annually by 5.9% in September 2020 (6.1% annual growth in August 2020).

  • The average annual household expenditure in Greece decreased by 30.3% since 2008

    The average annual household expenditure in Greece decreased by 30.3% since 2008

    The average yearly household expenditure in 2019 in Greece amounted to 17,738.64 euro (1,478.22 per month), recording an increase of 2.5%, in comparison to 2018.

    The average yearly expenditure per person in 2019, amounted to 6,942.84 €, recording an increase of 2.5% (168.84 €), in comparison to 2018.

    Half of households spent more than 1,151 euro per month and households living in a rented dwelling spent 17.7% of their total monthly consumption expenditure on rent.

    Food and non-alcoholic beverages accounts for the relatively larger share of expenditure (20.0%) followed by the categories housing (14.0%) and transport (13.4%), whereas education services represent the smallest share of expenditure (3.3%).

    20% of households with the lowest expenditure spent 54.9% of their budget on expenditure related to Food and Housing, whereas 20% of households with the highest expenditure spent 24.6% of their budget on this type of expenditure.

    The highest average yearly expenditure was recorded in the Region of Notio Aigaio and amounted to 20,093.04 euros and the lowest in the Region of Kentriki Ellada at 12,933.24 euros.

    The average annual household expenditure decreased by 30.3%, compared to the year 2008.

  • Impact of COVID-19 on household consumption and savings in EU

    Impact of COVID-19 on household consumption and savings in EU

    Eurostat shows that the household saving rate in the EU recorded its all-time highest year-over-year increase in the first quarter of 2020 (+3.5 percentage points (pp) compared with the first quarter of 2019).

    The main reason is the marked year-over-year decrease of household final consumption expenditure (-1.7%), in stark contrast with its recent increases above 2%.

    Additionally, the increase of household gross disposable income (+2.4%) also contributed to the increase of the saving rate.

    The household saving rate has increased in all EU Member States for which data are available for the first quarter of 2020. Among the EU Member States, the highest year-over-year increase was observed in Slovenia (+7.7 pp), followed by Poland (+6.8 pp) and Spain (+6.7 pp).

    In contrast, the lowest increase was recorded in Sweden (+1.1 pp), Czechia (+2.0 pp) and Germany (+2.2 pp).

    The largest decreases of household expenditure were observed in Italy (-6.4%), Slovenia (-5.3%) and Spain (-5.2%).

    On the other hand, in six EU Member States, the household individual consumption expenditure increased when compared with 2019Q1, the largest increases in Poland (+5.1%) and Czechia (+4.0%).

  • Sharpest drop of household real consumption per capita in EU

    Sharpest drop of household real consumption per capita in EU

    In the first quarter of 2020 household real consumption per capita dropped by 3.0% in the euro area, after a decrease of 0.4% in the previous quarter.

    This decline is the highest since the beginning of the Eurostat time series in 1999.

    Household real income per capita increased in the first quarter of 2020 by 1.1%, after a decrease of 1.1% in the fourth quarter of 2019.

    In the EU household real consumption per capita decreased by 2.9% in the first quarter of 2020, after a decrease of 0.2% in the previous quarter.

    Household real income per capita increased by 1.2% in the first quarter of 2020, after a decrease of 1.0% in the fourth quarter of 2019.

    Household saving rate significantly up

    In the first quarter of 2020, the saving rate increased in both the euro area and the EU by 4.3 percentage points, compared to the fourth quarter of 2019.

    The household saving rate increased in all Member States, for which data are available for the first quarter of 2020.

    The highest increases were observed in Belgium, Denmark and the Netherlands, and the lowest in Poland, Sweden and Czechia.

    For all but two Member States, the increase of the saving rate was explained by the strong decrease of individual consumption expenditure.

    The drop in the individual consumption expenditure of households was the most pronounced in Italy, Spain and Belgium, followed by France. At the same time, the gross disposable income varied, increasing in Poland, Denmark, Czechia, Ireland, the Netherlands and Finland and decreasing in Spain, Italy, Portugal, Germany and Austria.

    Household investment rate down

    In the first quarter of 2020 the investment rate decreased by 0.2 percentage points for the euro area and 0.3 percentage points in the EU.

    Among the Member States for which data are available for the first quarter of 2020, the decrease in investment rate of households was the highest in Spain, France and Belgium.

    Seven Member States recorded an increase in the household investment rate, the highest being observed in Germany, the Netherlands and Denmark.

  • Household saving rate all time high at 16.9% in the euro area

    Household saving rate all time high at 16.9% in the euro area

    The household saving rate in the euro area was at 16.9% in the first quarter of 2020 compared with 12.7% in the fourth quarter of 2019.

    This was the highest increase since the beginning of the series in 1999.

    The household investment rate in the euro area was 8.7% in the first quarter of 2020, lower than the rate of 9.1% during the previous quarter.

    These data come from a first release of seasonally adjusted quarterly European sector accounts from Eurostat, the statistical office of the European Union and the European Central Bank (ECB).

    The quarterly increase of the household saving rate of 4.2 percentage points is related to 0.9% increase of gross disposable income and 4.0% decline in individual consumption expenditure of households.

    The quarterly decline of 0.4 percentage points compared to the previous quarter is explained by 3.2% decline in gross fixed capital formation and 0.9% increase of gross disposable income.

  • Households accounted for 26.1% of energy consumption in EU

    Households accounted for 26.1% of energy consumption in EU

    In 2018, households accounted for 26.1% of final energy consumption in the European Union (EU), latest Eurostat data shows.

    Most of the EU final energy consumption in the households is covered by natural gas (32.1%) and electricity (24.7%).

    Renewables account for 19.5%, followed by petroleum products (11.6%) and derived heat (8.7%). A small proportion (3.4%) is still covered by coal products (solid fuels).

    Energy consumption in households by type of end-use

    In the EU, the main use of energy by households is for heating their homes (63.6% of final energy consumption in the residential sector).

    Electricity used for lighting and most electrical appliances represents 14.1% (this excludes the use of electricity for powering the main heating, cooling or cooking systems), while the proportion used for water heating is slightly higher, representing 14.8%.

    Main cooking devices require 6.1% of the energy used by households, while space cooling and other end-uses cover 0.4% and 1.0% respectively.

    The heating of space and water consequently represents 78.4% of the final energy consumed by households.