The savings rate of Spanish households stood at 14.2% of its gross disposable income in the third quarter of 20241.1 points higher than the percentage of the previous three months and the highest in three years, since the third quarter of 2021. According to data published this Monday by the National Institute of Statistics (INE), this rate – calculated once eliminated seasonal and calendar effects – also exceeds the same period in 2023 by 1.2 points, when it was 12.8%.
In detail of the accounts in the third quarter of this year, the gross disposable income of households (the income they can spend or save) grew by 18,019 million, 8.2%, until reaching 237,811 million. They also spent 6.6% more than in the same period in 2023, reaching 221,243 million euros, and increased their savings by 5,032 million, up to 16,997 million.
The households thus recorded a financing capacity of 398 million euros, compared to the 3,217 million financing needs estimated for the third quarter of 2023.
As for the non-financial corporations, They had a financing capacity of 1,790 million in this quarter, compared to 134 million a year earlier. Meanwhile, in the sector of Public Administrations, The financing capacity grew by 0.1% year-on-year to 9,318 million.
In general, The quarter closed with a gross national income of 391,297 million and a gross disposable national income of 387,069 million. If seasonal and calendar effects are eliminated, gross national income and gross disposable national income both grew by 1.4% in the third quarter compared to the second quarter of 2024.
In total, the national economy registered a financing capacity compared to the rest of the world of 19,407 million euros in the third quarter, which represented 4.9% of GDP for the period. If seasonal and calendar effects are eliminated, the financing capacity of the national economy stood at 4.2% of the gross domestic product (GDP), a value similar to that of the previous quarter.
Inflation is at its lowest level in three years
The advance data from the INE’s consumer price index (CPI) also reflects that inflation has risen four tenths in December, up to 2.8% year-on-year, but remains at the lowest figure in the last three years.
The rebound was expected and is fundamentally due to a statistical effect caused by the increase in fuel priceswhich fell in December of last year, and a greater increase in leisure and culture prices compared to the same month of 2023.
The inflation rate has been rising for three consecutive months, since minimum of 1.5% reached in September, and leaves behind the downward trend of the previous four months, from the maximum of 3.6% marked in May of this same year. For its part, core inflation has been in the range between 2.5 and 3% for 9 months, since April, falling to 2.4% in September and November.
The Ministry of Economy, Commerce and Business points out in a statement that both general and underlying inflation have been reducing continuously during the year, which has allowed The general CPI closes 2024 at 2.8% compared to the average 3.6% in 2023 (eight tenths less).
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