 STATISTICAL RELEASE
Households and nonfinancial corporations in the euro area: fourth quarter of 2023
9 April 2024
 Households' financial investment increased at broadly unchanged rate of 1.9% in fourth quarter of 2023
 Nonfinancial corporations' financing increased at broadly unchanged rate of 0.6%
 Nonfinancial corporations' gross operating surplus increased at annual rate of 1.7%, after 3.6% in previous quarter
Chart 1
Household financing and financial and nonfinancial investment
Chart 2
NFC grossoperating surplus, nonfinancial investment and financing
Households
Household gross disposable income increased in the fourth quarter of 2023 at a lower annual rate of 5.7% (after 6.3% in the third quarter) as the main components grew at lower rates: compensation of employees increased at a rate of 5.9% (after 6.6%), and gross operating surplus and mixed income of the selfemployed increased at a rate of 4.4% (after 6.4%). Household consumption expenditure grew at a lower rate of 3.9% (after 5.2%).
The household gross saving rate increased to 14.3% in the fourth quarter of 2023, compared with 14.0% in the previous quarter.
Household gross nonfinancial investment (which refers mainly to housing) grew at an annual rate of 2.3% in the fourth quarter of 2023, after 1.3% in the previous quarter. Loans to households, the main component of household financing, increased at a lower rate of 0.7% (after 1.0%).
Household financial investment grew at a broadly unchanged rate of 1.9% in the fourth quarter of 2023. Among its components, currency and deposits (0.9% after 0.5%), debt securities (63.4% after 60.1%) and investment in pension schemes (3.0% after 2.5%) grew at higher rates. The acceleration in these investments was mostly offset by lower growth rates of investments in shares and other equity (0.3% after 0.8%) and life insurance (0.8% after 0.0%).
Household net worth increased at a broadly unchanged rate of 1.2% in the fourth quarter of 2023. While net financial assets grew also due to valuation gains in addition to investments, nonfinancial assets decreased due to valuation losses exceeding investments. Housing wealth, the main component of nonfinancial assets, declined (2.5%) more than in the previous quarter (1.3%). The household debttoincome ratio decreased, to 86.9% in the fourth quarter of 2023 from 92.7% in the fourth quarter of 2022.
Nonfinancial corporations
Net value added by NFCs increased at an annual rate of 5.1% in the fourth quarter of 2023 after 6.5% in the previous quarter. Gross operating surplus grew at a rate of 1.7% after 3.6% in the previous quarter, and net property income (defined in this context as property income receivable minus interest and rent payable) decreased (8.7%, after 1.9%). As a result gross entrepreneurial income (broadly equivalent to cash flow) increased at a lower rate (0.5%, after 3.4%).^{[1]}
NFCs’ gross nonfinancial investment increased at an annual rate of 5.3% (from 11.4%).^{[2]} NFCs’ financial investment grew at an unchanged rate of 1.4%, compared with the previous quarter. Among its components, loans granted increased at a higher rate of 4.0% (after 2.1%), while investment in shares and other equity grew at an unchanged rate of 1.1%.
Financing of NFCs increased at a broadly unchanged rate of 0.6%. Loan financing grew at a higher rate of 1.2% in the fourth quarter of 2023 (after 0.7%), and the growth rate of financing via the issuance of debt securities by NFCs also increased (2.2%, after 1.9%). Equity financing grew at an unchanged rate of 0.3%. Trade credit financing grew at a rate of 0.7% (after 0.5%), while other liabilities such as other accounts payable excluding trade credits decreased.^{[3]}
NFCs’ debttoGDP ratio (consolidated measure) decreased to 67.6% in the fourth quarter of 2023, from 71.7% in the same quarter of the previous year; the nonconsolidated, wider debt measure decreased to 126.0% from 132.9%.
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Notes
 This statistical release incorporates revisions to the data since the first quarter of 2020.
 The annual growth rate of nonfinancial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
 The euro area and national financial accounts data of nonfinancial corporations and households are available in an interactive dashboard.
 Hyperlinks in the main body of the statistical release are dynamic. The data they lead to may therefore change with subsequent data releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
 The ECB publishes experimental Distributional Wealth Accounts (DWA), which provide additional breakdowns for the household sector. The release of results for 2023Q4 is planned for endMay 2024.
Gross entrepreneurial income is the sum of gross operating surplus and property income receivable minus interest and rent payable.
Gross nonfinancial investment is the sum of gross fixed capital formation, changes of inventories, and the net acquisition of valuables and nonproduced assets (e.g. licences).
^{ }Other liabilities include other accounts payable excluding trade credits and advances, financial derivatives’ net liabilities and deposits.
 9 April 2024

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 9 April 2024

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Zařazeno  út 09.04.2024 11:04:00 

Zdroj  ECB Statistical 
Originál  ecb.europa.eu//press/stats/ffi/html/ecb.eaefd_early2023q4~51c60d67a5.en.html 