PRESS RELEASE. 28 July Euro Area Economic and Financial Developments by Institutional Sector: 1st Quarter 2016

Transcription

1 PRESS RELEASE 28 July 216 Euro Area Economic and Financial Developments by Institutional Sector: 1st Quarter 216 Euro area saving (net) grew faster than non-financial investments (net) in the first quarter of 216. Non-financial investment (net) increased for corporations and households. As a result of changes in saving and non-financial investment, euro area net lending to the rest of the world increased further. Household debt continued to decrease, both with respect to GDP and disposable income (the respective ratios decreased to 58.9% and to 93.3% in the first quarter of 216). The non-financial corporation debt-to-gdp ratio decreased to 133.1% in the first quarter of 216. Gross non-financial investment increased at a lower rate (5.2% after 7.2% in the fourth quarter of 215). Euro area saving, investment and net lending to the rest of the world (EUR billions) Debt ratios of households and non-financial corporations (debt as a percentage of GDP) * Change in net worth due to transactions (equals net saving minus net capital transfers to the rest of the world). * Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities. ** Outstanding amount of loan liabilities. European Central Bank Directorate General Communications Global Media Relations Division, Sonnemannstrasse 2, 631 Frankfurt am Main, Germany Tel.: , media@ecb.europa.eu, website: Reproduction is permitted provided that the source is acknowledged.

2 PRESS RELEASE / 28 July 216 Euro Area Economic and Financial Developments by Institutional Sector: 1st Quarter 216 Total euro area economy Euro area net saving, that is the sum of the savings of households, corporations and the government sector after deducting the consumption of fixed capital, increased to 6.% of euro area net disposable income in the first quarter of 216, compared with 5.6% in the first quarter of 215. Euro area net nonfinancial investment increased to 2.8% (compared to 2.% of net disposable income in the first quarter of 215). As a result, euro area net lending to the rest of the world increased compared with the first quarter of 215 (3.7% after 3.% of net disposable income). Net lending by households was unchanged (3.3% of euro area net disposable income) while net lending of non-financial corporations increased (2.2% after 2.%). Net lending by the financial corporations sector decreased and net borrowing by the government sector decreased compared with the first quarter of 215. (For details, see also Table 1 in the Annex). Households Household gross disposable income increased at a lower annual rate of 2.% in the first quarter of 216 (after 2.6% in the fourth quarter of 215). The growth rates of compensation of employees, as well as of gross operating surplus and mixed income from the self-employed were broadly unchanged (3.% and 2.7%), while net social benefits decreased. Household consumption expenditure increased at an unchanged rate (2.1%). The household gross saving rate in the first quarter of 216 was 12.5%, the same rate as in the first quarter of 215. Household gross non-financial investment grew at a higher rate of.5% (after 3.8% in the previous quarter). Loans to households, the main component of household financing increased at a broadly unchanged rate (1.5%). Household financial investment grew at a lower rate of 2.% (after 2.2% in the previous quarter). Among the components, currency and deposits grew at a higher rate (3.% after 2.8%). Life insurance and pension schemes grew at a lower rate (2.8% after 3.%), as did shares and other equity (2.3% after 3.9%). Households continued to buy investment fund shares as well as unlisted shares and other equity on a net basis. They resumed buying listed shares, after selling listed shares in the previous quarters, on a net basis. In particular, households bought listed shares issued by NFCs and non-residents, while they sold listed shares issued by MFIs. While the decline of debt securities decelerated (-12.2% after -15.1%), redemptions and sales continued to exceed purchases. This development is in particular due to a reduction of household holdings of debt securities issued by MFIs and governments. Household net worth increased at a lower rate (2.3% after 3.5%), as non-financial investments, financial transactions and valuation gains on non-financial assets were partly offset by holding losses on financial assets. Housing wealth increased at a higher rate (3.9% after 3.%). The household debt-to-income ratio decreased to 93.3% in the first quarter of 216, from 9.3% a year earlier. Table A summarises the main results for households, expressed as a percentage of adjusted disposable income. (For details, see also Tables 2.1 and 2.2 in the Annex). European Central Bank Directorate General Communications Global Media Relations Division, Sonnemannstrasse 2, 631 Frankfurt am Main, Germany Tel.: , media@ecb.europa.eu, website: Reproduction is permitted provided that the source is acknowledged.

3 PRESS RELEASE / 28 July 216 Euro Area Economic and Financial Developments by Institutional Sector: 1st Quarter 216 Table A Household saving, change in net worth and debt (percentages of adjusted gross disposable income, based on four-quarter cumulated flows) 21Q2 21Q3 21Q 215Q1 215Q2 215Q3 215Q 216Q1 Saving rate (gross) Change in net worth Non-financial investment (net) Non-financial investment (gross) Consumption of fixed capital (-) Financial investment Financing (-) Revaluation of assets and other changes Debt (loans, outstanding amount) Non-financial corporations Non-financial corporations net entrepreneurial income (broadly equivalent to current profits) declined in the first quarter of 216 after increasing previously (-1.1% after 7.3%) as net operating surplus and net property income both decreased. Net value added increased at a lower rate (2.9% after.2%), as did gross non-financial investment (5.2% after 7.2%) and gross fixed capital formation (.% after 5.3%). Financing of non-financial corporations grew at an unchanged rate (2.%). Loan financing grew at a higher rate (2.%, after 1.%) as both loans received from MFIs as well as loans received from non-mfis accelerated. 1 The issuance of debt securities grew at a lower rate (3.5% after.7%), and trade credit financing decelerated as well (2.9% after 3.7%). MFIs and insurance corporations were the main net purchasers of non-financial corporation debt securities. Equity financing grew at a broadly unchanged rate (2.%). The debt-to-gdp ratio decreased to 133.1% compared to 135.7% in the first quarter of 215. Financial investment grew at an unchanged rate (3.5%). Among the components, loans granted grew at a lower rate (3.6%). Investment in shares and other equity decelerated (2.9% after 3.3%) as well. Table B summarises the main results for non-financial corporations, expressed as a percentage of net value added. (For details, see also Tables 3.1 and 3.2 in the Annex). Table B Non-financial corporations (percentages of value added (net), based on four-quarter cumulated flows) 21Q2 21Q3 21Q 215Q1 215Q2 215Q3 215Q 216Q1 Entrepreneurial income, net (current profits) Saving, net (retained earnings) Non-financial investment, net Non-financial investment (gross) Consumption of fixed capital (-) Financial investment Financing Debt (outstanding amount to GDP) Loan financing comprises loans granted by all sectors (including loans granted by non-mfi financial institutions) and by creditors that are not residents in the euro area. European Central Bank Directorate General Communications Global Media Relations Division, Sonnemannstrasse 2, 631 Frankfurt am Main, Germany Tel.: , media@ecb.europa.eu, website: Reproduction is permitted provided that the source is acknowledged.

4 PRESS RELEASE / 28 July 216 Euro Area Economic and Financial Developments by Institutional Sector: 1st Quarter 216 This press release incorporates revisions compared with the press release on Euro area households and non-financial corporations of 11 July. Revisions are partly due to some large corporations moving their residency to the euro area in the course of 215; the statistical treatment of this caused further changes in particular in the non-financial accounts of non-financial corporations. Quarterly financial and nonfinancial accounts by institutional sector are available for the euro area as well as for EU countries at the ECB s Statistical Data Warehouse (SDW). The annex tables and additional charts, as well as related information for all EU countries, are available under Euro area accounts in the statistics section of the ECB's website, including new tables on who-to-whom relationships. The next release of the new Household Sector Report containing results for the euro area and all euro area countries is scheduled for 8 August 216. The next quarterly press release, with advanced results for households and non-financial corporations, is scheduled for 11 October 216 (see also the Statistical Release Calendar on the ECB website: calendar). For media queries, please contact Stefan Ruhkamp, tel.: Notes: The annual growth rate of non-financial 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. Ratios, such as the saving rate, are based on four-quarter cumulated transactions. Net entrepreneurial income is broadly equivalent to current profits in business accounting (after the receipt and payment of interest and including the profits of foreign subsidiaries, but before the payment of income taxes and dividends). The sum of household debt and non-financial corporation debt (also referred to as private debt ) as a percentage of GDP is one of the headline indicators of the macroeconomic imbalance procedure (MIP). For non-financial corporations, the definition of debt used by the MIP differs from the definition applied here, as the MIP indicator is based on annual, consolidated data; moreover, pension fund reserve liabilities and trade credits are excluded. For the MIP data see: Annual scoreboard for the surveillance of macroeconomic imbalances. Further methodological information is available at: Euro area accounts. European Central Bank Directorate General Communications Global Media Relations Division, Sonnemannstrasse 2, 631 Frankfurt am Main, Germany Tel.: , media@ecb.europa.eu, website: Reproduction is permitted provided that the source is acknowledged.

5 Euro area charts and additional tables for all institutional sectors Chart 1. 6 Growth of euro area net disposable income and its allocation to sectors households non-financial corporations financial corporations government net disposable income Chart 2. Growth of euro area gross fixed capital formation and contributions by sector 8 households non-financial corporations financial corporations government gross fixed capital formation Chart 3. Growth of euro area gross capital formation and its financing by sectoral (gross) saving 2 foreign saving gross saving: government gross saving: households gross saving: corporations gross capital formation: euro area ECB July 216S 1

6 Euro area households Chart. Growth of households' gross disposable income and contributions by income component compensation of employees net property income and other transfers taxes (-) gross operating surplus and mixed income net social benefits and contributions gross disposable income Chart 5. Growth of households' non-financial investment and contributions by source of internal and external financing 3 gross saving loan financing financial investment and other (-) net capital transfers (receivable - payable) gross non-financial investment Chart 6. Growth of households' net worth and contributions by type of asset change net acquisition of non-financial assets net acquisition of financial assets other changes in non-financial assets other changes in financial assets net incurrence of liabilities (-) growth in net worth S 2 ECB July 216

7 Euro area non-financial corporations Chart 7. Growth of net entrepreneurial income of non-financial corporations and contributions by component net value added (at factor cost) property income receivable compensation of employees (-) interest and rent payable (-) net entrepreneurial income Chart 8. Growth of non-financial investment of non-financial corp. and contributions by source of internal and external financing 25 gross saving plus capital transfers net lending/net borrowing (-) gross non-financial investment gross fixed capital formation ECB July 216S 3

8 Table 1. Income, consumption, saving, investment and net lending / net borrowing: euro area and contributions by sector (EUR billions) annual percentage percentage of euro Non-financial transactions four-quarter-cumulated sums changes 1) area NDI Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Net disposable income (NDI): Euro area 8,69 8,23 8,278 8,32 8,399 8,65 8, Households 2) 5,88 5,91 5,939 5,972 5,999 6,39 6, Non-financial corporations Financial corporations General government 1,879 1,938 1,97 1,963 1,989 2,2 2, Consumption expenditure: Euro area 7,678 7,78 7,813 7,852 7,893 7,936 7, Households 2) 5,58 5,652 5,676 5,75 5,739 5,769 5, General government collective consumption General government social transfers in kind 3) 1,33 1,333 1,3 1,38 1,35 1,362 1, Net saving: Euro area Households 2) Non-financial corporations Financial corporations General government Consumption of fixed capital: Euro area 1,787 1,89 1,821 1,836 1,85 1,875 1, Households 2) Non-financial corporations 1,9 1,21 1,3 1,2 1,57 1,7 1, Financial corporations General government Net capital transfers (receivable - payable): Euro area Households 2) Non-financial corporations Financial corporations General government Gross fixed capital formation: Euro area 1,971 2,9 2,2 2,5 2,6 2,93 2, Households 2) Non-financial corporations 1,17 1,12 1,156 1,177 1,188 1,25 1, Financial corporations General government Net acquisition of other non-financial assets ) : Euro area Households 2) Non-financial corporations Financial corporations General government Gross non-financial investment: Euro area 1,96 2,9 2,21 2,6 2,78 2,112 2, Households 2) Non-financial corporations 1,18 1,17 1,157 1,172 1,179 1,199 1, Financial corporations General government Net non-financial investment: Euro area Households 2) Non-financial corporations Financial corporations General government Net lending (+)/net borrowing (-): Euro area Households 2) Non-financial corporations Financial corporations General government ) Annual percentage changes are calculated as 1*(x(t)-x(t-))/x(t-) where x(t) stands for the transaction x in quarter t, and x(t-) for the transaction four quarters earlier. 2) Households and non-profit institutions serving households. 3) Transfers of goods and services by government units and non-profit institutions serving households (NPISHs) to individual households. ) Changes in inventories, acquisitions less disposals of valuables and acquisitions less disposals of non-produced non-financial assets (e.g. land). S ECB July 216

9 Table 2.1 Households 1) (EUR billions) annual percentage percentage of Non-financial transactions four-quarter-cumulated sums changes 2) HGDI, adjusted 3) Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Compensation of employees,77,865,893,925,958,996 5, Gross operating surplus and mixed income 1,52 1,538 1,5 1,551 1,56 1,571 1, Property income (receivable - payable) Net social benefits and contributions (rec. - pay.) Other current transfers (receivable - payable) Taxes (on income and wealth) (-) 979 1,3 1,13 1,2 1,31 1,38 1, Gross disposable income (HGDI) 6,31 6,37 6,2 6,37 6,67 6,51 6, Adj. for change in net worth in pension fund 3) Gross disposable income (HGDI) plus adjustment 3) 6,382 6,61 6,87 6,521 6,551 6,592 6, Consumption expenditure 5,58 5,652 5,676 5,75 5,739 5,769 5, Gross saving Net capital transfers (receivable - payable) Gross fixed capital formation Net acquisition of other non-financial assets ) Gross non-financial investment Net non-financial investment Net lending (+)/net borrowing (-) annual growth percentage of Financial transactions four-quarter-cumulated sums rates 5) HGDI, adjusted 3) Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Financial investment Currency and deposits Debt securities Shares and other equity Listed shares Unlisted shares and other equity Investment fund shares Life insurance and pension schemes Other financial assets 6) Financing Loans Short-term Long-term Other liabilities 7) Net lending (+)/net borrowing (-) (financial accounts) Changes in financial wealth not due to transactions annual percentage percentage of Balance sheet end-of-period stocks changes 2) HGDI, adjusted 3) or GDP Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Financial assets 2,358 21,251 22,15 21,815 21,689 22,17 22, Currency and deposits 7,18 7,36 7,383 7,62 7,56 7,562 7, Debt securities 1,2 1, Shares and other equity 5,19 5,32 5,829 5,72 5,59 5,73 5, Listed shares Unlisted shares and other equity 2,75 2,781 2,99 2,91 2,88 2,87 2, Investment fund shares 1,63 1,676 1,895 1,93 1,852 1,929 1, Life insurance and pension schemes 5,97 6,9 6,85 6,617 6,69 6,76 6, Other financial assets 6) 1,16 1,85 1,113 1,12 1,111 1,13 1, Liabilities 6,852 6,97 6,96 6,935 6,92 6,996 7, Loans 6,91 6,116 6,117 6,15 6,171 6,193 6, Short-term Long-term 5,777 5,8 5,811 5,835 5,871 5,89 5, Other liabilities 7) Non-financial assets 29,22 29,555 29,65 29,96 3,365 3,1 3, of which: Housing wealth 27,335 27,616 27,675 28,2 28,22 28,6 28, Net worth 2,727 3,899,76,826 5,112 5,35 5, Memo: Debt 8) 6,91 6,116 6,117 6,15 6,171 6,193 6, ) Households and non-profit institutions serving households. 2) Calculated as 1*(x(t)-x(t-))/x(t-) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-) for the transaction or stock four quarters earlier. 3) Net adjustment for the change in net equity of households in pension schemes (receivable - payable). ) Changes in inventories, acquisitions less disposals of valuables and acquisitions less disposals of non-produced non-financial assets (e.g. land). 5) Annual growth rates for financial transactions are calculated as 1*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-) where f(t) stands for the transactions in quarter t, and F(t-) for the end-of-quarter stock value four quarters earlier. 6) Loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable. 7) Financial derivative s net liabilities, pension schemes and other accounts payable. 8) Debt is equal to loans received and presented as a percentage of gross domestic product (GDP). ECB July 216S 5

10 Table 2.2 Households 1) : investment by counterpart sector, for selected financial instruments (EUR billions) annual growth Financial transactions four-quarter-cumulated transactions rates 2) Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 Debt securities of which issued by: Non-financial corporations MFIs Other financial institutions Insurance corporations and pension funds General government Rest of the world Listed shares issued by: Non-financial corporations MFIs Other financial institutions Insurance corporations and pension funds Rest of the world Investment fund shares issued by: MFIs (money market funds) Non-money market fund investment funds Rest of the world annual percentage Financial balance sheet end-of-period stocks changes 3) Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 Debt securities 1, of which issued by: Non-financial corporations MFIs Other financial institutions Insurance corporations and pension funds General government Rest of the world Listed shares issued by: Non-financial corporations MFIs Other financial institutions Insurance corporations and pension funds Rest of the world Investment fund shares 1,676 1,895 1,93 1,852 1,929 1, issued by: MFIs (money market funds) Non-money market fund investment funds 1,579 1,791 1,799 1,79 1,822 1, Rest of the world ) Households and non-profit institutions serving households. 2) Annual growth rates for financial transactions are calculated as 1*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-) where f(t) stands for the transactions in quarter t, and F(t-) for the end-of-quarter stock value four quarters earlier. 3) Calculated as 1*(x(t)-x(t-))/x(t-) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-) for the transaction or stock four quarters earlier. S 6 ECB July 216

11 Table 3.1 Non-financial corporations (EUR billions) annual percentage percentage of Non-financial transactions four-quarter-cumulated sums changes 1) GVA or NVA 2) Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Gross value added (GVA) 5,169 5,271 5,318 5,372 5,27 5,91 5, Net value added (NVA),159,25,288,33,37,16, Net entrepreneurial income 1,351 1,391 1,7 1,2 1,53 1,76 1, Net disposable income Adj. for change in net worth in pension fund Net saving Net capital transfers (receivable - payable) Consumption of fixed capital 1,9 1,21 1,3 1,2 1,57 1,7 1, Gross fixed capital formation 1,17 1,12 1,156 1,177 1,188 1,25 1, Net acquisition of other non-financial assets 3) Gross non-financial investment 1,18 1,17 1,157 1,172 1,179 1,199 1, Net non-financial investment Net lending (+)/net borrowing (-) annual growth percentage of Financial transactions four-quarter-cumulated sums rates ) GVA Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Financial investment Currency and deposits Debt securities Loans Shares and other equity Listed shares Unlisted shares and other equity Investment fund shares Other financial assets 5) Financing Debt securities Short-term Long-term Loans Short-term Long-term Shares and other equity Listed shares Unlisted shares and other equity Pension schemes Trade credits and advances Other liabilities 6) Net lending (+)/net borrowing (-) (financial accounts) annual percentage percentage of Financial balance sheet end-of-period stocks changes 1) GVA or GDP 7) Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Financial investment 18,679 19,561 2,87 2,686 2,355 2,931 2, Currency and deposits 2,3 2,13 2,13 2,175 2,235 2,3 2, Debt securities Loans 3,7 3,91,2 3,998 3,97,61, Shares and other equity 8,73 9,3 1,53 1,28 9,859 1,259 1, Listed shares 1,111 1,111 1,29 1,261 1,172 1,283 1, Unlisted shares and other equity 7,187 7,77 8,66 8,9 8,195 8,72 8, Investment fund shares Other financial assets 5) 3,8 3,895 3,999,12,,62, Financing 27,357 28,33 3,367 29,97 29,36 3,125 29, Debt securities 1,86 1,27 1,27 1,231 1,239 1,251 1, Short-term Long-term 1,16 1,151 1,2 1,159 1,165 1,19 1, Loans 8,929 9,165 9,663 9,635 9,63 9,67 9, Short-term 2,5 2,686 2,775 2,775 2,77 2,676 2, Long-term 6,29 6,79 6,889 6,86 6,887 6,971 7, Shares and other equity 13,799 1,1 15,897 15,527 1,926 15,585 15, Listed shares,7,377 5,226,996,622,968, Unlisted shares and other equity 9,729 1,36 1,672 1,531 1,3 1,617 1, Pension schemes Trade credits and advances 2,527 2,522 2,57 2,585 2,58 2,632 2, Other liabilities 6) Memo: Debt 8) 12,92 13,259 13,88 13,82 13,79 13,92 13, ) Calculated as 1*(x(t)-x(t-))/x(t-) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-) for the transaction or stock four quarters earlier. 2) As a percentage of net value added in the case of net entrepreneurial income and net saving. 3) Changes in inventories, acquisitions less disposals of valuables and acquisitions less disposals of non-produced non-financial assets (e.g. land). ) Annual growth rates for financial transactions are calculated as 1*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-) where f(t) stands for the transactions in quarter t, and F(t-) for the end-of-quarter stock value four quarters earlier. 5) Other accounts receivable, and prepayments of insurance premiums and reserves for outstanding claims. 6) Other accounts payable, financial derivative s net liabilities and deposits. 7) As a percentage of gross domestic product in the case of debt. 8) Loans received, debt securities issued, pension schemes and trade credits. ECB July 216S 7

12 Table 3.2 Non-financial corporations: financing by counterpart sector, for selected financial instruments (EUR billions) annual growth Financial transactions four-quarter-cumulated transactions rates 1) Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 Debt securities purchased by: Non-financial corporations MFIs Non-money market fund investment funds Other financial institutions Insurance corporations Pension funds General government Households Rest of the world Loans of which granted by: Non-financial corporations MFIs Non-MFI financial corporations Rest of the world Listed shares purchased by: Non-financial corporations MFIs Non-money market fund investment funds Other financial institutions Insurance corporations Pension funds General government Households Rest of the world annual percentage Financial balance sheet end-of-period stocks changes 2) Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 Debt securities 1,27 1,27 1,231 1,239 1,251 1, purchased by: Non-financial corporations MFIs Non-money market fund investment funds Other financial institutions Insurance corporations Pension funds General government Households Rest of the world Loans 9,165 9,663 9,635 9,63 9,67 9, of which granted by: Non-financial corporations 2,61 2,8 2,55 2,9 2,6 2,99..6 MFIs 3,932 3,975 3,997 3,965 3,92 3, Non-MFI financial corporations 1,9 1,77 1,8 1,87 1,61 1, Rest of the world 1,111 1,76 1,87 1,89 1,539 1, Listed shares,377 5,226,996,622,968, purchased by: Non-financial corporations 993 1,152 1,13 1,3 1,155 1, MFIs Non-money market fund investment funds Other financial institutions Insurance corporations Pension funds General government Households Rest of the world 1,16 1,788 1,7 1,57 1,627 1, ) Annual growth rates for financial transactions are calculated as 1*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-) where f(t) stands for the transactions in quarter t, and F(t-) for the end-of-quarter stock value four quarters earlier. 2) Calculated as 1*(x(t)-x(t-))/x(t-) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-) for the transaction or stock four quarters earlier. S 8 ECB July 216

13 Table. General government (EUR billions) annual percentage percentage Non-financial transactions four-quarter-cumulated sums changes 1) of GNDI Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Net disposable income (GNDI) 1,879 1,938 1,97 1,963 1,989 2,2 2, Consumption expenditure 2,9 2,128 2,137 2,17 2,15 2,167 2, Net saving Consumption of fixed capital Net capital transfers (receivable - payable) Gross fixed capital formation Net acquisition of other non-financial assets 2) Net lending (+)/net borrowing (-) annual growth percentage Financial transactions four-quarter-cumulated sums rates 3) of GNDI Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Net acquisition of financial assets Financial investment ) Currency and deposits Debt securities Loans Short-term Long-term Shares and other equity Listed shares Unlisted shares and other equity Investment fund shares Other financial assets 5) Net incurrence of liabilities Financing ) Currency and deposits Debt securities Short-term Long-term Loans Short-term Long-term Other liabilities 6) Net lending (+)/net borrowing (-) (financial accounts) annual percentage percentage Financial balance sheet end-of-period stocks changes 1) of GNDI Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Financial assets,71,971 5,8 5,35,996,987 5, Financial investment ) 3,855,2,139,127,68,61, Currency and deposits Debt securities Loans 99 1, Short-term Long-term Shares and other equity 1,678 1,738 1,816 1,783 1,75 1,778 1, Listed shares Unlisted shares and other equity 1,18 1,239 1,26 1,252 1,26 1,26 1, Investment fund shares Other financial assets 5) Liabilities 11,291 12,262 12,6 12,26 12,399 12,39 12, Financing ) 1,9 11,3 11,778 11,39 11,519 11,51 11, Currency and deposits Debt securities 7,758 8,587 9, 8,636 8,7 8,715 9, Short-term Long-term 7,137 7,99 8,376 8,9 8,153 8,165 8, Loans 2,52 2,551 2,91 2,5 2,67 2,58 2, Short-term Long-term 2,19 2,277 2,18 2,18 2,199 2,233 2, Other liabilities 6) Memo: Government debt (at nominal value) 9,6.9 9,35.8 9,57.3 9,6.9 9,68.2 9,39. 9,6.7 1) Annual percentage changes are calculated as 1*(x(t)-x(t-))/x(t-) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-) for the transaction or stock four quarters earlier. 2) Changes in inventories, acquisitions less disposals of valuables and acquisitions less disposals of non-produced non-financial assets. 3) Annual growth rates for financial transactions are calculated as 1*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-) where f(t) stands for the transactions in quarter t, and F(t-) for the end-of-quarter stock value four quarters earlier. ) In line with existing conventions, the financing of the government excludes the net incurrence of liabilities via financial derivatives, shares and other equity, pension schemes and other accounts payable, and the financial investment of the government excludes financial derivatives, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable. 5) Other accounts receivable, financial derivatives and prepayments of insurance premiums and reserves for outstanding claims. 6) Other accounts payable, pension fund reserves, financial derivatives and unlisted shares and other equity. ECB July 216S 9

14 Table 5. Financial corporations (EUR billions) annual percentage percentage of Non-financial transactions four-quarter-cumulated sums changes 1) GVA or NVA 2) S 1 ECB July Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Gross value added (GVA) Net value added (NVA) Net entrepreneurial income Net disposable income Adj. for change in net worth in pension fund Net saving Net capital transfers (receivable - payable) Consumption of fixed capital Gross fixed capital formation Net acquisition of other non-financial assets 3) Net lending (+)/net borrowing (-) annual growth percentage of Financial transactions four-quarter-cumulated sums rates ) GVA Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 215 Q1 216 Q1 Financial investment -1, ,19 1,88 2,181 1,818 1, Currency and deposits -1, Debt securities Short-term Long-term Loans Short-term Long-term Shares and other equity Other financial assets 5) Financing -1, ,918 1,815 2,132 1,772 1, Currency and deposits -1, Debt securities Short-term Long-term Loans Short-term Long-term Shares and other equity 1, ,57 1, Listed shares Unlisted shares and other equity Investment fund shares Life insurance and pension schemes Other liabilities 6) Net lending (+)/net borrowing (-) (financial accounts) annual percentage Financial balance sheet end-of-period stocks changes 1) Q1 215 Q2 215 Q3 215 Q 216 Q1 215 Q 216 Q1 Financial investment 6,59 65,337 69,183 68,27 67,991 68,87 69, Currency and deposits 12,266 12,15 12,731 12,557 12,688 12,67 12, Debt securities 13,392 1,837 15,528 15,151 15,28 15,21 15, Short-term 93 1,26 1,135 1,11 1,15 1,96 1, Long-term 12,62 13,81 1,392 1,38 1,178 1,325 1, Loans 17,672 18,276 18,926 18,836 18,79 18,678 18, Short-term 3,399 3,698 3,983 3,887 3,82 3,6 3, Long-term 1,273 1,577 1,92 1,99 1,97 15,3 15, Shares and other equity 1,51 17,262 18,789 18,611 18,276 18,769 18, Other financial assets 5) 2,678 2,89 3,21 3,51 2,995 2,95 3,98 Financing 6,251 6,725 68,662 67,82 67,58 67,97 69, Currency and deposits 22,6 22,16 23,18 23,211 23,36 23,79 2, Debt securities 8,12 8,55 8,61 8,38 8,29 8,176 8, Short-term Long-term 7,93 7,786 7,89 7,72 7,61 7,52 7, Loans,319,782 5,198 5,9,971,987 5, Short-term 1,9 1,619 1,81 1,723 1,73 1,693 1, Long-term 2,87 3,163 3,38 3,368 3,268 3,295 3, Shares and other equity 16,359 19,283 21,172 2,973 2,653 21,92 2, Listed shares 1,237 1,59 1,678 1,555 1,16 1,33 1, Unlisted shares and other equity 7,35 8,32 9,3 9,8 9,256 9,27 9, Investment fund shares 8,87 9,393 1,6 1,333 9,98 1,385 1, Life insurance and pension schemes 7,12 7,669 8,35 7,853 7,927 8, 8, Other liabilities 6) 1,88 2,12 2,63 2,39 2,375 2,235 2,37 1) Annual percentage changes are calculated as 1*(x(t)-x(t-))/x(t-) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-) for the transaction or stock four quarters earlier. 2) As a percentage of net value added in the case of net entrepreneurial income and net saving. 3) Changes in inventories, acquisitions less disposals of valuables and acquisitions less disposals of non-produced non-financial assets (e.g. land). ) Annual growth rates for financial transactions are calculated as 1*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-) where f(t) stands for the transactions in quarter t, and F(t-) for the end-of-quarter stock value four quarters earlier. 5) Monetary gold and SDRs, other accounts receivable, and prepayments of insurance premiums and reserves for outstanding claims. 6) Monetary gold and SDRs, other accounts payable and financial derivative s net liabilities.