Spanish households placed their savings rate at 7.1% of their gross disposable income in the third quarter compared to 5.5% a year ago, according to the Non-Financial Quarterly Accounts of the Institutional Sectors published by this Monday the National Institute of Statistics (INE). In seasonally adjusted data, it rose 14.2% to reach its highest level in three years.
In the third quarter of the year, the eighth quarter on the rise for this statistic, households once again spent less than they earned. Specifically, its disposable income increased by 8.2% year-on-year, up to 237,811 million euros, while its consumption spending totaled 221,243 million euros, 6.6% more. Thus, from July to September the savings amounted to 16,997 million euros, figure 42.1% higher to that of the same quarter of 2023.
By being able to finance the investment they made in the third quarter of the year with their savings, households showed a financing capacity of 398 million euros, in contrast to the need for financing worth 3,217 million that they registered in the third quarter of 2023. .
The rebound coincides with a period of moderation in inflation, which averaged 2.2% in the summer months thanks to the powerful slowdown that occurred in September, when it rose 1.5%.
In that same context, the Spanish economy showed a financing capacity compared to the rest of the world of 19,407 million euros, a figure that equivalent to 4.9% of GDP and that exceeds the 14,704 million euros of a year before. This is explained by the financing capacity recorded by all economic groups: households – already analyzed, public administrations, financial institutions and non-financial corporations.
Specifically, public administrations (AAPP) recorded a surplus of 9,318 million euros in the third quarter, a figure 930 million euros higher than that of the same period in 2023, when their financing capacity reached 8,388 million euros. For their part, financial institutions recorded a financing capacity of 7,901 million euros between July and September, compared to 9,399 million a year earlier, and non-financial corporations showed a positive balance of 1,790 million euros, above the 134 million euros in the third quarter of 2023.
The INE estimates that the gross national income of the economy stood at 391,297 million euros in the third quarter, 6.6% higher than that of the same period in 2023, while gross national disposable income amounted to 387,069 million euros, 6.8% more than in the year former.
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