Politics.be
1 mei 2012, 10:20
In the fourth quarter of 2011, the annual growth rate1 of households’ gross disposable incomedecreased to 1.8%, down from 2.4% in the previous quarter (see Table 2). The annual growth rate ofhouseholds’ consumption expenditure was 1.6% in the fourth quarter compared with 2.9% in theprevious quarter. The annual growth rate of households’ gross saving increased significantly to 3.6% in the fourth quarter compared with -0.9% in the previous quarter.The annual growth rate of households’ financing decreased to 1.6% (2011Q3: 2.0%) and that offinancial investment decreased to 1.9% (2011Q3: 2.1%).
The annual growth rate of households’ net worth2 decreased to -0.6% in the fourth quarter, compared with an increase of 0.7% in the previous
quarter. The annual growth rate of net entrepreneurial income of non-financial corporations decreased to - 6.3% in the fourth quarter, after 0.1% in the previous quarter. The annual growth rate of gross fixed capital formation of non-financial corporations in the euro area decreased to 3.2% in the fourth quarter of 2011, from 5.1% in the previous quarter (see Table 3). The annual growth rate of financing of nonfinancial corporations decreased to 2.3% in the fourth quarter of 2011 (2011Q3: 2.6%), and the annual growth rate of their financial investment decreased to 3.4 % in the fourth quarter of 2011 (2011Q3: 4.0%).
1 The euro area accounts are expressed in current prices and they are not seasonally adjusted. The (nominal)
growth rates are presented as year-on-year changes. (see the notes).
2 Households’ non-financial assets mainly consist of housing wealth (residential structures and land). In addition,
they also include non-financial assets of unincorporated enterprises classified within the household sector.
2
Total euro area economy
The annual growth rate of euro area net disposable income decreased to 1.4% in the fourth quarter
of 2011 (2011Q3: 2.8%) (see Chart 1). The euro area gross fixed capital formation annual
growth rate stood at 1.8% (2011Q3: 2.9%), largely due to non-financial corporations and households
(see Chart 2). In the fourth quarter, the growth rate of gross capital formation decreased to
-0.2%, from the previous quarter (2011Q3: 4.0%). This reflected, in particular, an increase of
government and household savings offset, in part, by decreases in rest of the world and corporations
saving (see Chart 3).
Households
The annual growth rate of households’ gross disposable income decreased to 1.8% in the fourth
quarter of 2011 (after 2.4% previously). This is due to the lower growth rates of compensation of
employees, operating surplus and mixed income, and net property income and other transfers as
well as stronger negative growth of net social benefits and contributions (see Chart 4).
The annual growth rate of households’ consumption expenditure decreased to 1.6% from 2.9%
in the previous quarter, and households’ gross saving increased by 3.6% as compared to -0.9% in the
previous period. The households’ gross saving rate3 was 13.6%, as compared with 13.9% in the
corresponding quarter of 2010. The annual growth rate of gross fixed capital formation of
households was 2.4% in the fourth quarter, down from 2.7% in the previous quarter.
The annual growth rate of households’ gross non-financial investment was 2.3%, down from
4.1% in the previous quarter (see Chart 5). The annual growth rate of financing of households
decreased to 1.6% in the fourth quarter of 2011 (2011Q3: 2.0%). whilst that of financial
investment decreased slightly to 1.9% (2011Q3: 2.1%).
Turning to the components of households' financial investment, the annual growth rate of their
holdings of currency and deposits decreased to 2.5% in the fourth quarter of 2011 (2011Q3: 3.0%).
The annual growth rate of their investment in debt securities increased to 6.1% in the fourth quarter
(2011Q3: 3.3%), whilst that of investment in shares and other equity decreased to -1.0% in the
fourth quarter (2011Q3: -0.9%). The annual growth rate of households’ additions to life insurance
and pension fund reserves decreased to 2.1% in the fourth quarter (2011Q3: 2.7%).
Developments in households’ balance sheets reflected a decrease in the annual growth rate of
housing wealth to -0.5% (2011Q3: 1.6%, see Table 2) due to valuation changes. The annual growth
rate of the market value of households’ holdings of shares and other equity decreased to -11.2%
3 The households’ saving rate is based on four-quarter cumulated sums of both their saving and their gross
disposable income (adjusted for the change in net equity of households in pension fund reserves, receivable
minus payable).
3
in the fourth quarter of 2011 (2011Q3: -9.4%). The growth of households’ net worth decreased to
-0.6% in the fourth quarter of 2011 (2011Q3: 0.7%, see Chart 6).
Non-financial corporations
Net entrepreneurial income of non-financial corporations4 decreased by -6.3% in the fourth
quarter of 2011, compared with an increase of 0.1% in the previous quarter (see Table 3), and net
value added increased by 1.9% (2011Q3: 3.5%, see Chart 7 and Table 3). The annual growth rate of
gross fixed capital formation of non-financial corporations decreased to 3.2% in the fourth
quarter of 2011, from 5.1% in the previous quarter. The annual growth rate of total gross nonfinancial
investment, which also includes inventories, decreased to 1.7%, compared with 6.4% in
the previous quarter (see Chart 8). Net borrowing/(Net lending) of non-financial corporations as
a percentage of Gross Value Added was -1.3% in 2011Q4, compared to 0.8 % in 2010Q4 (see Table
3).
In the fourth quarter of 2011, the annual growth rate of financing of non-financial corporations
decreased to 2.3% (2011Q3: 2.6%). The growth rate of their loan financing decreased to 2.3%, from
2.6% in the previous quarter. The annual growth rate of their issuance of debt securities was broadly
unchanged at 5.2% (2011Q3: 5.3%). The annual growth rate of their equity financing, via the issuance
of quoted and unquoted shares and other equity, decreased to 1.8% in the fourth quarter (2011Q3:
2.1%).
Financial investment of non-financial corporations decreased to an annual rate of 3.4% in the
fourth quarter (2011Q3: 4.0%). The annual growth rate of investment in currency and deposits
decreased to 2.7%, after 3.6% previously. The annual growth rate of investment in debt securities
increased significantly to 11.1% in the fourth quarter (2011Q3: 4.0%). The growth rate of loans
granted was broadly unchanged at 6.7% in the fourth quarter of 2011 (2011Q3: 6.6%). The growth
rate of their investment in shares and other equity decreased to 3.0% in the fourth quarter of 2011
(2011Q3: 3.8%).
Insurance corporations and pension funds
The annual growth rate of insurance technical reserves, the major financing instrument of
insurance corporations and pension funds, decreased to 1.7% in the fourth quarter of 2011,
compared to 2.3% in the third quarter of 2011 (see Table 6). The annual growth rate of their
financial investment decreased to 2.1% in the fourth quarter (2011Q3: 3.2%). The growth rate of
their investment in debt securities decreased to 1.0% (2011Q3: 2.9%), whilst that of their investment
in shares and other equity decreased to 3.9%, from 4.6% in the previous quarter.
4 Net entrepreneurial income is broadly equivalent to current profits in business accounting (after the receiptand payment of interest and including the profits of foreign subsidiaries, but before the payment of income taxes and dividends).
Bron: politics.be (http://www.politics.be/persmededelingen/32409/)
The annual growth rate of households’ net worth2 decreased to -0.6% in the fourth quarter, compared with an increase of 0.7% in the previous
quarter. The annual growth rate of net entrepreneurial income of non-financial corporations decreased to - 6.3% in the fourth quarter, after 0.1% in the previous quarter. The annual growth rate of gross fixed capital formation of non-financial corporations in the euro area decreased to 3.2% in the fourth quarter of 2011, from 5.1% in the previous quarter (see Table 3). The annual growth rate of financing of nonfinancial corporations decreased to 2.3% in the fourth quarter of 2011 (2011Q3: 2.6%), and the annual growth rate of their financial investment decreased to 3.4 % in the fourth quarter of 2011 (2011Q3: 4.0%).
1 The euro area accounts are expressed in current prices and they are not seasonally adjusted. The (nominal)
growth rates are presented as year-on-year changes. (see the notes).
2 Households’ non-financial assets mainly consist of housing wealth (residential structures and land). In addition,
they also include non-financial assets of unincorporated enterprises classified within the household sector.
2
Total euro area economy
The annual growth rate of euro area net disposable income decreased to 1.4% in the fourth quarter
of 2011 (2011Q3: 2.8%) (see Chart 1). The euro area gross fixed capital formation annual
growth rate stood at 1.8% (2011Q3: 2.9%), largely due to non-financial corporations and households
(see Chart 2). In the fourth quarter, the growth rate of gross capital formation decreased to
-0.2%, from the previous quarter (2011Q3: 4.0%). This reflected, in particular, an increase of
government and household savings offset, in part, by decreases in rest of the world and corporations
saving (see Chart 3).
Households
The annual growth rate of households’ gross disposable income decreased to 1.8% in the fourth
quarter of 2011 (after 2.4% previously). This is due to the lower growth rates of compensation of
employees, operating surplus and mixed income, and net property income and other transfers as
well as stronger negative growth of net social benefits and contributions (see Chart 4).
The annual growth rate of households’ consumption expenditure decreased to 1.6% from 2.9%
in the previous quarter, and households’ gross saving increased by 3.6% as compared to -0.9% in the
previous period. The households’ gross saving rate3 was 13.6%, as compared with 13.9% in the
corresponding quarter of 2010. The annual growth rate of gross fixed capital formation of
households was 2.4% in the fourth quarter, down from 2.7% in the previous quarter.
The annual growth rate of households’ gross non-financial investment was 2.3%, down from
4.1% in the previous quarter (see Chart 5). The annual growth rate of financing of households
decreased to 1.6% in the fourth quarter of 2011 (2011Q3: 2.0%). whilst that of financial
investment decreased slightly to 1.9% (2011Q3: 2.1%).
Turning to the components of households' financial investment, the annual growth rate of their
holdings of currency and deposits decreased to 2.5% in the fourth quarter of 2011 (2011Q3: 3.0%).
The annual growth rate of their investment in debt securities increased to 6.1% in the fourth quarter
(2011Q3: 3.3%), whilst that of investment in shares and other equity decreased to -1.0% in the
fourth quarter (2011Q3: -0.9%). The annual growth rate of households’ additions to life insurance
and pension fund reserves decreased to 2.1% in the fourth quarter (2011Q3: 2.7%).
Developments in households’ balance sheets reflected a decrease in the annual growth rate of
housing wealth to -0.5% (2011Q3: 1.6%, see Table 2) due to valuation changes. The annual growth
rate of the market value of households’ holdings of shares and other equity decreased to -11.2%
3 The households’ saving rate is based on four-quarter cumulated sums of both their saving and their gross
disposable income (adjusted for the change in net equity of households in pension fund reserves, receivable
minus payable).
3
in the fourth quarter of 2011 (2011Q3: -9.4%). The growth of households’ net worth decreased to
-0.6% in the fourth quarter of 2011 (2011Q3: 0.7%, see Chart 6).
Non-financial corporations
Net entrepreneurial income of non-financial corporations4 decreased by -6.3% in the fourth
quarter of 2011, compared with an increase of 0.1% in the previous quarter (see Table 3), and net
value added increased by 1.9% (2011Q3: 3.5%, see Chart 7 and Table 3). The annual growth rate of
gross fixed capital formation of non-financial corporations decreased to 3.2% in the fourth
quarter of 2011, from 5.1% in the previous quarter. The annual growth rate of total gross nonfinancial
investment, which also includes inventories, decreased to 1.7%, compared with 6.4% in
the previous quarter (see Chart 8). Net borrowing/(Net lending) of non-financial corporations as
a percentage of Gross Value Added was -1.3% in 2011Q4, compared to 0.8 % in 2010Q4 (see Table
3).
In the fourth quarter of 2011, the annual growth rate of financing of non-financial corporations
decreased to 2.3% (2011Q3: 2.6%). The growth rate of their loan financing decreased to 2.3%, from
2.6% in the previous quarter. The annual growth rate of their issuance of debt securities was broadly
unchanged at 5.2% (2011Q3: 5.3%). The annual growth rate of their equity financing, via the issuance
of quoted and unquoted shares and other equity, decreased to 1.8% in the fourth quarter (2011Q3:
2.1%).
Financial investment of non-financial corporations decreased to an annual rate of 3.4% in the
fourth quarter (2011Q3: 4.0%). The annual growth rate of investment in currency and deposits
decreased to 2.7%, after 3.6% previously. The annual growth rate of investment in debt securities
increased significantly to 11.1% in the fourth quarter (2011Q3: 4.0%). The growth rate of loans
granted was broadly unchanged at 6.7% in the fourth quarter of 2011 (2011Q3: 6.6%). The growth
rate of their investment in shares and other equity decreased to 3.0% in the fourth quarter of 2011
(2011Q3: 3.8%).
Insurance corporations and pension funds
The annual growth rate of insurance technical reserves, the major financing instrument of
insurance corporations and pension funds, decreased to 1.7% in the fourth quarter of 2011,
compared to 2.3% in the third quarter of 2011 (see Table 6). The annual growth rate of their
financial investment decreased to 2.1% in the fourth quarter (2011Q3: 3.2%). The growth rate of
their investment in debt securities decreased to 1.0% (2011Q3: 2.9%), whilst that of their investment
in shares and other equity decreased to 3.9%, from 4.6% in the previous quarter.
4 Net entrepreneurial income is broadly equivalent to current profits in business accounting (after the receiptand payment of interest and including the profits of foreign subsidiaries, but before the payment of income taxes and dividends).
Bron: politics.be (http://www.politics.be/persmededelingen/32409/)