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114/2012 - 1 August 2012

Quarterly Sector Accounts: first quarter of 2012

Household saving rate nearly stable at 13.3% in


the euro area and 11.6% in the EU27
Household real disposable income increased by 0.2% in the euro area
In the first quarter of 2012 compared with the fourth quarter of 2011, the household saving rate and the household
investment rate remained almost stable in both the euro area (EA17) and the EU27. In the euro area, household
disposable income increased by 0.2% in real terms, after falling by 0.5% in the previous quarter.

These data come from a detailed set of seasonally adjusted1 quarterly European sector accounts2 released by
Eurostat, the statistical office of the European Union and the European Central Bank (ECB).

Household saving rate nearly stable in both zones


In the first quarter of 2012, the gross saving rate3 of households was 11.6% in the EU274, compared with 11.5% in
the fourth quarter of 2011. In the euro area5, the household saving rate was 13.3% in the first quarter of 2012,
unchanged compared with the previous quarter.

Household saving rate (seasonally adjusted)


Euro area

17%

EU27

17%
16%

15%

15%

14%

14%

13%

13%

12%

12%

11%

11%

10%

10%

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4

16%

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Household real income and consumption up in the euro area


In the euro area, the household saving rate remained stable due to real final consumption expenditure
increasing at the same pace (+0.2%) as real gross disposable income6. The latter increased due to nominal income
increasing more (+0.7%) than consumption prices (+0.5%).

Real growth of household gross disposable income and final consumption expenditure (euro area)
(seasonally adjusted data, change compared with the previous quarter)
Gross disposable income in real terms

2%

2%

Final consumption expenditure in real terms

1%

0%

0%

-1%

-1%

-2%

-2%

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4

1%

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

The increase in household nominal disposable income (+0.7%) was the result of the positive contributions of net
property income and other transfers (+0.5 pp), compensation of employees (+0.2 pp) and social benefits (+0.1 pp),
while taxes and social contributions contributed negatively (-0.1 pp).

Contributions of components to the growth of nominal household gross disposable income


(euro area)
(seasonally adjusted data, change compared with the previous quarter)
Compensation of employees (received)
Net property income and other current transfers
Taxes and social contributions (-)

Gross operating surplus and mixed income


Social benefits
Gross disposable income in current prices

2%

1%

1%

0%

0%

-1%

-1%

-2%

-2%

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4

2%

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Household investment rate remained at low levels in both zones


In the EU27, the gross investment rate of households7 was 8.3% in the first quarter of 2012, compared with 8.4% in
the previous quarter. It was 9.0% in the euro area, compared with 9.1% in the previous quarter.

Household investment rate (seasonally adjusted)


Euro area

12%

EU27

12%
11%

10%

10%

9%

9%

8%

8%

7%

7%

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4

11%

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

In the euro area, the slight decrease of the investment rate was due to household investment (gross fixed capital
formation, mostly in dwellings) falling (-0.6%) while nominal disposable income grew (+0.7%).

Nominal growth of household gross disposable income and gross fixed capital formation (euro area)
(seasonally adjusted data, change compared with the previous quarter)
6%

6%

5%

5%

4%

4%

3%

3%

2%

2%

1%

1%

0%

0%
Gross disposable income in current prices
Gross fixed capital formation in current prices

-1%

-1%
-2%

-3%

-3%

-4%

-4%

-5%

-5%

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4

-2%

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1. Seasonal adjustment has been performed using the Tramo-Seats method. The seasonally adjusted series are built up
indirectly as the sum of seasonally adjusted components.
2. Institutional sectors bring together economic units with broadly similar characteristics and behaviour, namely: households
(including non-profit institutions serving households), non-financial corporations, financial corporations, government and the
rest of the world.
3. The gross saving rate of households is defined as gross saving divided by gross disposable income, with the latter being
adjusted for the change in the net equity of households in pension funds reserves. Gross saving is the part of the gross
disposable income, after the latter adjustment, which is not spent as final consumption expenditure. Therefore, saving rate
increases when gross disposable income grows at a higher rate than final consumption expenditure.
4. The European Union (EU27) consists of 27 Member States: Belgium, Bulgaria, the Czech Republic, Denmark, Germany,
Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands,
Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom plus the European
Central Bank and the EU institutions.
5. The euro area (EA17) consists of 17 Member States: Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy,
Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland plus the European Central
Bank.
6. The real gross disposable income of households is defined as the nominal gross disposable income of households divided
by the deflator (price index) of household final consumption expenditure.
7. The gross investment rate of households is defined as gross fixed capital formation divided by gross disposable income, with
the latter being adjusted for the change in the net equity of households in pension funds reserves. Household investment
mainly consists of the purchase and renovation of dwellings.

Methodological information
The compilation of the European sector accounts follows the European System of Accounts (ESA 95) and covers the period
from the first quarter of 1999 to the first quarter of 2012. The European sector accounts are not a simple sum of the data of
individual countries. There are six specific compilation steps: (1) conversion to euro, (2) estimation of missing countries,
(3) incorporation of the European institutions, (4) estimation of the flows between the euro area / EU and third countries,
(5) balancing of the accounts and (6) seasonal adjustment of key series.
Due to the conversion to euro, the growth rates of EU aggregates may be affected by movements in exchange rates and
should be viewed with caution. For this reason, nominal growth rates (bar charts and table 3) are provided for the euro area
only. However, there is hardly any impact on ratios such as saving and investment rates.
The rest of the world accounts, as compiled by Member States, record transactions between the national economy and all
non-resident units, including those in other EU Member States. To measure the external transactions of the euro area / EU, it is
necessary to remove cross-border flows within the area concerned. Imbalances between intra-imports and intra-exports, called
asymmetries, are then eliminated. Currently, intra-flows and resulting asymmetries are not removed in the other domains of
national accounts of Eurostat. Therefore, European sector accounts are internally consistent but have discrepancies with other
national accounts data.
For detailed data and methodology, please see Eurostat's website at: http://ec.europa.eu/eurostat/sectoraccounts and ECB's
website at: http://www.ecb.eu/stats/acc/html/index.en.html.

Release and revision policy


The quarterly news releases are published four months after each quarter. The next release will take place on 30 October 2012.
The whole time series are revised every quarter. Compared with News Release 65/2012 of 30 April 2012, the household saving
rate for the fourth quarter of 2011 has been revised from 13.7% to 13.3% in the euro area and from 11.8% to 11.5% in the
EU27. The household investment rate has been revised from 9.2% to 9.1% in the euro area and remains unchanged at 8.4% in
the EU27. The growth rate of euro area household real disposable income was revised from -0.4% to -0.5%.
The ECB and Eurostat publish integrated non-financial and financial accounts, including financial balance sheets, for the euro
area. Eurostat also publishes the non-financial accounts of the European Union.
Eurostat's website includes detailed annual sector accounts by country and derived key indicators, which also include the
indicators that combine non-financial and financial accounts such as debt-to-income ratios.
The full set of quarterly sector accounts is published for euro area / EU27 aggregates only. However, a subset of quarterly key
indicators is published 105 days after each quarter at http://ec.europa.eu/eurostat/sectoraccounts (see "Quarterly data") for 15
out of the 18 members of the European Economic Area (EEA) whose GDP is above 1% of the EU27 total. The other 12 EEA
members, whose GDP is below 1% of the EU27 total, do not have to transmit the quarterly accounts of households to Eurostat.

Issued by:
Eurostat Press Office
Tim ALLEN
Tel: +352-4301-33 444
eurostat-pressoffice@ec.europa.eu
Eurostat news releases on the internet:
http://ec.europa.eu/eurostat

For further information:


Cristina CALIZZANI
Sigita GRUNDIZA
Pter GL
Tel: +352-4301-31 542
Tel: +352-4301-36 120
estat-sector-query@ec.europa.eu

Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators

Table 1: Key indicators of the euro area (EA17) and of the European Union (EU27)

2008

2009

2010

2011
2012

Seasonally
adjusted

2007

Not seasonally
adjusted

2006

Seasonally
adjusted

2005

Not seasonally
adjusted

2004

Seasonally
adjusted

2003

Not seasonally
adjusted

2002

Seasonally
adjusted

2001

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1

European Union (EU27)


Saving rate, %
Investment rate, %

Not seasonally
adjusted

Euro area (EA17)


Saving rate, %
Investment rate, %

12.8
16.7
12.9
13.4
13.1
18.1
12.8
13.7
13.5
17.6
12.7
13.5
13.3
17.9
12.6
13.5
12.9
17.8
11.5
13.4
11.6
17.6
11.4
13.6
12.7
18.5
11.5
13.4
12.5
18.4
11.6
14.2
14.4
19.0
12.5
14.5
12.8
17.7
11.2
13.4
11.8
17.2
10.7
13.2
11.7

13.8
13.5
14.0
14.1
14.3
14.6
14.4
14.2
14.5
14.3
14.3
14.3
14.4
14.5
14.6
14.2
14.2
14.2
13.6
13.9
13.3
13.5
13.7
14.2
14.3
14.0
13.9
14.1
14.2
14.1
13.9
14.8
15.9
15.3
14.9
14.7
14.3
14.0
13.7
13.4
13.5
13.5
13.2
13.3
13.3

10.0
10.0
10.2
10.0
9.8
9.7
10.2
10.0
9.7
9.8
10.3
10.2
9.8
9.9
10.4
10.4
10.0
10.2
10.8
10.9
10.7
10.7
11.4
11.5
11.2
10.9
11.4
11.2
10.7
10.4
10.7
10.1
9.2
8.9
9.3
9.0
8.7
9.0
9.4
9.0
8.9
9.0
9.4
9.1
8.8

10.2
10.1
10.0
10.0
10.0
9.9
10.0
9.9
9.9
10.0
10.0
10.1
10.1
10.1
10.1
10.2
10.2
10.4
10.5
10.7
10.9
11.0
11.2
11.3
11.3
11.3
11.2
11.0
10.9
10.7
10.4
9.9
9.5
9.1
9.0
8.9
8.9
9.1
9.1
9.0
9.1
9.1
9.1
9.1
9.0

11.0
14.9
10.7
11.9
10.8
15.8
10.3
11.5
11.1
15.2
10.0
11.3
10.4
15.0
9.8
10.8
10.2
14.9
8.5
10.6
9.6
14.7
8.3
10.8
9.4
15.1
8.2
10.2
8.8
15.2
8.5
11.6
11.3
17.3
10.8
13.1
10.7
15.7
9.4
11.3
9.5
15.1
8.4
11.2
9.8

12.1
11.5
12.1
12.2
11.7
12.2
12.1
11.7
11.9
11.7
11.8
11.9
11.5
11.8
12.1
11.6
11.6
11.5
10.9
11.1
11.4
10.8
10.7
11.2
11.4
10.9
10.8
10.8
10.7
11.1
11.2
12.0
13.0
13.7
13.4
13.3
12.3
12.1
12.2
11.5
11.3
11.4
11.1
11.5
11.6

9.1
9.0
9.3
9.1
9.0
8.9
9.5
9.4
9.1
9.1
9.7
9.7
9.5
9.4
10.0
10.0
9.5
9.6
10.3
10.3
10.2
10.1
10.8
10.8
10.6
10.3
10.9
10.7
10.2
9.7
9.9
9.3
8.4
8.1
8.5
8.2
7.9
8.2
8.7
8.4
8.1
8.3
8.8
8.5
8.0

9.2
9.2
9.1
9.1
9.1
9.2
9.3
9.3
9.3
9.4
9.4
9.5
9.7
9.6
9.7
9.7
9.7
9.8
10.0
10.1
10.3
10.4
10.5
10.6
10.7
10.6
10.6
10.5
10.3
9.9
9.5
9.2
8.6
8.3
8.1
8.1
8.1
8.3
8.4
8.3
8.3
8.4
8.4
8.4
8.3

Table 2: Household gross disposable income and its components, final consumption expenditure
and gross fixed capital formation, in the euro area (EA17)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011
2012

862078
870096
878706
887277
895112
901252
908157
913519
918174
924622
935067
938587
946522
953375
957052
964417
971390
978782
987433
1000348
1007909
1020642
1030915
1040574
1054557
1064980
1075789
1090460
1108085
1116124
1122630
1120472
1113591
1111023
1112301
1117128
1117915
1124033
1128081
1135855
1145851
1153852
1157958
1160022
1163725

283054
285018
288570
289438
291920
296210
298663
300111
301819
303868
307692
310739
314274
318316
322623
323278
328544
331620
332892
336750
343959
348416
353210
360858
364389
368844
372115
378162
381763
384003
380543
374834
362469
360074
360329
360521
358982
358843
364010
368408
370463
372997
372205
373666
372886

311046
313933
316945
319612
325723
329597
334708
338847
340641
345192
349035
350717
354952
357152
359428
361660
364897
369676
369556
372941
378196
380145
381165
385400
386699
390564
392965
401367
401533
407304
414516
419115
429450
438996
444981
447650
449586
450076
452368
453968
455124
456283
459947
463134
465301

485888
491011
493720
498212
500382
502696
508785
512137
513748
517501
522644
525014
526280
529463
531031
534911
541716
545702
549555
557452
567477
574078
579598
584212
591327
601356
608886
618055
627524
633588
636488
635080
629210
626230
626447
628366
631264
632451
635070
641756
647925
653009
659621
663018
665320

Total

Taxes and social


contributions (-)

Social benefits

Net property
income and other
current transfers
188132
187547
187200
188612
183236
183498
184216
188577
192348
189532
190065
191703
194507
196106
198749
202262
203438
208499
211451
213509
214527
218233
221338
225531
228157
230883
235199
237345
238065
238575
235678
230805
227780
219238
213204
211462
214215
215487
217730
220901
223322
226101
226620
227474
235236

1158423
1165583
1177701
1186727
1195608
1207861
1216958
1228917
1239234
1245713
1259215
1266731
1283975
1295487
1306821
1316705
1326553
1342875
1351777
1366095
1377114
1393358
1407030
1428150
1442474
1453915
1467181
1489279
1501923
1512418
1516880
1510146
1504082
1503101
1504367
1508395
1509434
1515988
1527118
1537376
1546835
1556224
1557109
1561278
1571828

Gross fixed capital


formation

2001

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1

Gross operating
surplus and mixed
income

Compensation of
employees
(received)

Gross disposable income

Final consumption
expenditure

(Millions of euro at current prices, seasonally adjusted)

1009146
1018316
1023294
1030608
1035343
1041703
1052733
1065145
1071280
1079098
1090879
1098247
1110489
1119906
1128342
1141993
1149111
1165663
1181049
1188762
1207129
1218664
1228023
1237733
1249031
1262995
1275962
1292365
1303930
1313795
1320774
1301667
1277828
1286091
1293116
1299277
1306600
1314599
1329121
1342836
1350016
1357697
1364319
1365702
1375421

119138
119422
118926
119658
120385
121095
122371
123409
124576
125872
127714
129187
130942
132117
133659
135833
136999
141009
144078
147149
151641
155068
158819
162532
164967
165392
165624
166143
165705
163341
158786
151902
144292
138804
136282
135743
136213
138621
139458
140100
142162
142380
142868
142989
142090

Table 3: Household gross disposable income and its components, final consumption expenditure
and its deflator and gross fixed capital formation, in the euro area (EA17)

2006

2007

2008

2009

2010

2011
2012
*
**

0.8
0.7
0.7
0.7
0.7
0.5
0.6
0.4
0.4
0.5
0.8
0.3
0.6
0.5
0.3
0.6
0.5
0.6
0.6
1.0
0.6
0.9
0.7
0.7
1.0
0.7
0.7
1.0
1.2
0.5
0.4
-0.1
-0.5
-0.2
0.1
0.3
0.1
0.4
0.3
0.5
0.7
0.5
0.3
0.1
0.2

0.4
0.2
0.3
0.1
0.2
0.4
0.2
0.1
0.1
0.2
0.3
0.2
0.3
0.3
0.3
0.1
0.4
0.2
0.1
0.3
0.5
0.3
0.3
0.5
0.2
0.3
0.2
0.4
0.2
0.1
-0.2
-0.4
-0.8
-0.2
0.0
0.0
-0.1
0.0
0.3
0.3
0.1
0.2
-0.1
0.1
0.0

0.4
-0.1
0.0
0.1
-0.5
0.0
0.1
0.4
0.3
-0.2
0.0
0.1
0.2
0.1
0.2
0.3
0.1
0.4
0.2
0.2
0.1
0.3
0.2
0.3
0.2
0.2
0.3
0.1
0.0
0.0
-0.2
-0.3
-0.2
-0.6
-0.4
-0.1
0.2
0.1
0.1
0.2
0.2
0.2
0.0
0.1
0.5

0.5
0.2
0.3
0.2
0.5
0.3
0.4
0.3
0.1
0.4
0.3
0.1
0.3
0.2
0.2
0.2
0.2
0.4
0.0
0.3
0.4
0.1
0.1
0.3
0.1
0.3
0.2
0.6
0.0
0.4
0.5
0.3
0.7
0.6
0.4
0.2
0.1
0.0
0.2
0.1
0.1
0.1
0.2
0.2
0.1

Taxes and social


contributions

Social benefits

Net property income and


other current transfers

Gross operating surplus


and mixed income

Compensation of
employees (received)

Social benefits

Net property income and


other current transfers

Taxes and social


contributions (-)

0.7
1.1
0.6
0.9
0.4
0.5
1.2
0.7
0.3
0.7
1.0
0.5
0.2
0.6
0.3
0.7
1.3
0.7
0.7
1.4
1.8
1.2
1.0
0.8
1.2
1.7
1.3
1.5
1.5
1.0
0.5
-0.2
-0.9
-0.5
0.0
0.3
0.5
0.2
0.4
1.1
1.0
0.8
1.0
0.5
0.3

-0.3
-0.4
-0.2
-0.4
-0.2
-0.2
-0.5
-0.3
-0.1
-0.3
-0.4
-0.2
-0.1
-0.2
-0.1
-0.3
-0.5
-0.3
-0.3
-0.6
-0.7
-0.5
-0.4
-0.3
-0.5
-0.7
-0.5
-0.6
-0.6
-0.4
-0.2
0.1
0.4
0.2
0.0
-0.1
-0.2
-0.1
-0.2
-0.4
-0.4
-0.3
-0.4
-0.2
-0.1

1.9
0.6
1.0
0.8
0.7
1.0
0.8
1.0
0.8
0.5
1.1
0.6
1.4
0.9
0.9
0.8
0.7
1.2
0.7
1.1
0.8
1.2
1.0
1.5
1.0
0.8
0.9
1.5
0.8
0.7
0.3
-0.4
-0.4
-0.1
0.1
0.3
0.1
0.4
0.7
0.7
0.6
0.6
0.1
0.3
0.7

1.5
0.9
0.5
0.7
0.5
0.6
1.1
1.2
0.6
0.7
1.1
0.7
1.1
0.8
0.8
1.2
0.6
1.4
1.3
0.7
1.5
1.0
0.8
0.8
0.9
1.1
1.0
1.3
0.9
0.8
0.5
-1.4
-1.8
0.6
0.5
0.5
0.6
0.6
1.1
1.0
0.5
0.6
0.5
0.1
0.7

-0.5
0.2
-0.4
0.6
0.6
0.6
1.1
0.8
0.9
1.0
1.5
1.2
1.4
0.9
1.2
1.6
0.9
2.9
2.2
2.1
3.1
2.3
2.4
2.3
1.5
0.3
0.1
0.3
-0.3
-1.4
-2.8
-4.3
-5.0
-3.8
-1.8
-0.4
0.3
1.8
0.6
0.5
1.5
0.2
0.3
0.1
-0.6

0.4
0.8
0.4
0.3
0.5
0.4
0.4
0.6
0.9
0.2
0.5
0.6
0.5
0.6
0.5
0.5
0.4
0.5
0.7
0.5
0.6
0.5
0.4
0.3
0.7
0.6
0.6
1.0
0.8
0.8
0.6
-0.5
-0.8
0.2
0.2
0.4
0.4
0.6
0.4
0.6
0.8
0.7
0.3
0.8
0.5

Final consumption
expenditure

2005

1.8
0.9
1.0
0.8
1.9
1.2
1.6
1.2
0.5
1.3
1.1
0.5
1.2
0.6
0.6
0.6
0.9
1.3
0.0
0.9
1.4
0.5
0.3
1.1
0.3
1.0
0.6
2.1
0.0
1.4
1.8
1.1
2.5
2.2
1.4
0.6
0.4
0.1
0.5
0.4
0.3
0.3
0.8
0.7
0.5

Real growth

Gross disposable
Income

2004

2.7
-0.3
-0.2
0.8
-2.9
0.1
0.4
2.4
2.0
-1.5
0.3
0.9
1.5
0.8
1.3
1.8
0.6
2.5
1.4
1.0
0.5
1.7
1.4
1.9
1.2
1.2
1.9
0.9
0.3
0.2
-1.2
-2.1
-1.3
-3.8
-2.8
-0.8
1.3
0.6
1.0
1.5
1.1
1.2
0.2
0.4
3.4

Gross fixed capital


formation

2003

1.8
0.7
1.2
0.3
0.9
1.5
0.8
0.5
0.6
0.7
1.3
1.0
1.1
1.3
1.4
0.2
1.6
0.9
0.4
1.2
2.1
1.3
1.4
2.2
1.0
1.2
0.9
1.6
1.0
0.6
-0.9
-1.5
-3.3
-0.7
0.1
0.1
-0.4
0.0
1.4
1.2
0.6
0.7
-0.2
0.4
-0.2

Nominal growth

Final consumption
expenditure

2002

1.1
0.9
1.0
1.0
0.9
0.7
0.8
0.6
0.5
0.7
1.1
0.4
0.8
0.7
0.4
0.8
0.7
0.8
0.9
1.3
0.8
1.3
1.0
0.9
1.3
1.0
1.0
1.4
1.6
0.7
0.6
-0.2
-0.6
-0.2
0.1
0.4
0.1
0.5
0.4
0.7
0.9
0.7
0.4
0.2
0.3

Contribution* of the components to


nominal growth of gross disposable
income

Gross disposable
Income

2001

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1

Gross operating surplus


and mixed income

Compensation of
employees (received)

Nominal growth of the components


of gross disposable income

Growth of the deflator of


final consumption expenditure**

(seasonally adjusted, percentage change compared to the previous quarter)

1.4
-0.2
0.6
0.4
0.2
0.6
0.4
0.4
0.0
0.3
0.5
0.0
0.9
0.3
0.4
0.2
0.3
0.8
0.0
0.5
0.2
0.7
0.6
1.2
0.3
0.2
0.3
0.5
0.1
-0.1
-0.3
0.0
0.4
-0.2
-0.2
-0.2
-0.3
-0.2
0.3
0.1
-0.2
-0.1
-0.2
-0.5
0.2

1.1
0.1
0.1
0.4
-0.1
0.2
0.7
0.6
-0.3
0.5
0.6
0.1
0.6
0.3
0.3
0.7
0.2
1.0
0.6
0.1
0.9
0.4
0.3
0.5
0.2
0.5
0.5
0.3
0.1
0.0
-0.1
-1.0
-1.0
0.5
0.3
0.0
0.2
0.0
0.7
0.5
-0.3
-0.1
0.2
-0.7
0.2

The contribution 'C' of an element 'E' to the growth of an aggregate 'A' between T-1 and T is CT = (ET - ET-1) / AT-1. It is also equal to the
growth rate of the component (ET - ET-1)/ET-1 multiplied by its share in the aggregate at the previous period ET-1/AT-1.
Deflator for the seasonally adjusted final consumption expenditure of households (including non-profit institutions serving households) which
has also been used to deflate gross disposable income.

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