1 Augus 212 PRESS RELEASE EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR - FIRST QUARTER 212 In he firs quarer of 212, he annual growh rae 1 of households gross disposable income increased o 1.8%, from 1.% in he previous quarer (see Table 2). The annual growh rae of households consumpion expendiure was 1.9% in he firs quarer compared wih 1.% in he previous quarer. The annual growh rae of households gross saving increased o 1.% in he firs quarer compared wih.3% in he previous quarer. The annual growh rae of households financing increased o 1.9% (211Q: 1.7%) and ha of financial invesmen remained broadly unchanged a 2.1% (211Q: 2.%). The annual growh rae of households ne worh 2 decreased o -.8% in he firs quarer, compared wih -.3% in he previous quarer. The annual growh rae of ne enrepreneurial income of non-financial corporaions was less negaive (-1.3) in he firs quarer han in he previous quarer (-1.1). The annual growh rae of gross fixed capial formaion of non-financial corporaions in he euro area decreased o.1% in he firs quarer of 212, from 3.% in he previous quarer (see Table 3). The annual growh rae of financing of non-financial corporaions remained broadly unchanged a 2.1% (211Q: 2.2%), and he annual growh rae of heir financial invesmen remained unchanged a 3.2%. Toal euro area economy The annual growh rae of euro area ne disposable income remained unchanged a 1.7% in he firs quarer of 212 (see Char 1). The euro area gross fixed capial formaion annual growh rae decreased o -.% (211Q: 2.1%), largely due o non-financial corporaions and households (see Char 2). In he firs quarer, he growh rae of gross capial formaion decreased o -.1%, from he previous quarer (211Q: -.3%). The decline in gross capial formaion in combinaion wih he 1 The euro area accouns are expressed in curren prices and hey are no seasonally adjused. The (nominal) growh raes are presened as year-on-year changes. (see he noes). 2 Households non-financial asses mainly consis of housing wealh (residenial srucures and land). In addiion, hey also include non-financial asses of unincorporaed enerprises classified wihin he household secor.
2 increase in gross savings (in paricular by households) led o a posiive ne lending by he euro area o he res of he world (represened by a negaive conribuion from foreign saving, see Char 3). Households The annual growh rae of households gross disposable income increased o 1.8% in he firs quarer of 212 (afer 1.% previously). This is due o higher growh raes of ne propery income and ne social benefis and conribuions (see Char ), while he growh rae of compensaion of employees decreased (see also Table 2). The annual growh rae of households consumpion expendiure increased o 1.9% from 1.% in he previous quarer, and households gross saving increased by 1.% as compared o.3% in he previous period. The households gross saving rae 3 was 13.3%, as compared wih 13.% in he corresponding quarer of 211. The annual growh rae of gross fixed capial formaion of households was.1% in he firs quarer, down from 2.% in he previous quarer. The annual growh rae of households gross non-financial invesmen was -1.%, down from 2.2% in he previous quarer (see Char ). The annual growh rae of financing of households increased o 1.9% in he firs quarer of 212 (211Q: 1.7%). whils ha of financial invesmen remained broadly unchanged a 2.1% (211Q: 2.%). Turning o he componens of households' financial invesmen, he annual growh rae of heir holdings of currency and deposis increased o 3.1% in he firs quarer of 212 (211Q: 2.%). The annual growh rae of heir invesmen in deb securiies decreased o 2.3% in he firs quarer (211Q:.3%), whils ha of invesmen in shares and oher equiy became less negaive (-.3%) in he firs quarer (211Q: -1.2%). The annual growh rae of households addiions o life insurance and pension fund reserves decreased o 1.8% in he firs quarer (211Q: 2.2%). Developmens in households balance shees refleced a decrease in he annual growh rae of housing wealh o -1.% (211Q: -.%, see Table 2) due o valuaion changes. The annual growh rae of he marke value of households holdings of shares and oher equiy was less negaive in he firs quarer of 212 (-7.% afer -9.%). The growh of households ne worh decreased o -.8% in he firs quarer of 212 (211Q: -.3%, see Char ). 3 The households saving rae is based on four-quarer cumulaed sums of boh heir saving and heir gross disposable income (adjused for he change in ne equiy of households in pension fund reserves, receivable minus payable).
3 Non-financial corporaions Ne enrepreneurial income of non-financial corporaions decreased a a slower rae (-1.3%) in he firs quarer of 212, compared wih he previous quarer (-1.1%; see Table 3), and ne value added increased by 1.% (211Q: 1.9%, see Char 7 and Table 3). The annual growh rae of gross fixed capial formaion of non-financial corporaions decreased o.1% in he firs quarer of 212, from 3.% in he previous quarer. The annual growh rae of oal gross non-financial invesmen, which also includes invenories, decreased o -.8%, compared wih 1.2% in he previous quarer (see Char 8). Ne lending (+)/ne borrowing (-) of non-financial corporaions as a percenage of Gross Value Added was -.8% in 212Q1, compared o 1.2 % in 211Q1 (see Table 3). In he firs quarer of 212, he annual growh rae of financing of non-financial corporaions remained broadly unchanged a 2.1% (211Q: 2.2%). The growh rae of heir loan financing decreased o 2.2%, from 2.% in he previous quarer. The annual growh rae of heir issuance of deb securiies increased o 7.% (211Q:.9%). The annual growh rae of heir equiy financing, via he issuance of quoed and unquoed shares and oher equiy, remained broadly unchanged a 1.7% in he firs quarer (211Q: 1.%). Financial invesmen of non-financial corporaions increased wih an unchanged annual rae of 3.2% in he firs quarer. The annual growh rae of invesmen in currency and deposis decreased o 3.1%, afer 3.% previously. The annual growh rae of invesmen in deb securiies increased o.1% in he firs quarer (211Q: 2.%). The growh rae of loans graned increased o.7% in he firs quarer of 212 (211Q:.1%). The growh rae of heir invesmen in shares and oher equiy remained unchanged a 2.7%. Insurance corporaions and pension funds The annual growh rae of insurance echnical reserves, he major financing insrumen of insurance corporaions and pension funds, decreased o 1.7% in he firs quarer of 212, compared o 2.% in he fourh quarer of 211 (see Table ). The annual growh rae of heir financial invesmen remained unchanged a 2.% in he firs quarer. The growh rae of heir invesmen in deb securiies decreased o.7% (211Q: 1.9%), whils ha of heir invesmen in shares and oher equiy increased o.9%, from 3.8% in he previous quarer. Ne enrepreneurial income is broadly equivalen o curren profis in business accouning (afer he receip and paymen of ineres and including he profis of foreign subsidiaries, bu before he paymen of income axes and dividends).
Noes The annual growh rae of non-financial ransacions and of ousanding financial asses and liabiliies (socks) is calculaed as he percenage change beween he value of he ransacion or ousanding amoun for a given quarer and ha value recorded four quarers earlier. Le x be he level of a non-financial ransacion or endof-quarer sock, hen is annual percenage change g x ) is calculaed as: ( x x g ( x ) *1. x The annual growh rae used o analyse financial ransacions refers o he oal value of ransacions during he year in relaion o he ousanding sock a year before. These growh raes for financial ransacions exclude he effec on he ousanding sock of revaluaions, reclassificaions, and furher changes ha do no arise from ransacions. When f represens he value of ransacions in a paricular financial insrumen, and F represens he value of he corresponding sock ousanding a he end of quarer, hen he annual growh rae g( calculaed as he sum of he ransacions during he year divided by he ousanding sock a year ago: f ) is g( f ) i 3 f i F *1 The euro area accouns encompass inegraed non-financial and financial accouns, including financial balance shees. They are joinly compiled by he ECB and he European Commission (Eurosa), in close cooperaion wih he naional cenral banks and he naional saisical insiues in he EU. The European secor accouns follow he mehodology of he European Sysem of Accouns 199 (ESA 9). A deailed se of quarerly daa is published in Tables 3.1-3., Euro area accouns, of he saisics secion of he ECB s Monhly Bullein. This press release incorporaes revisions for he fourh quarer of 211 and for previous quarers. A comprehensive se of ables is made available a hp://sdw.ecb.europa.eu/repors.do?node=1233 (ECB). The ime series for he euro area accouns can be downloaded from he ECB s Saisical Daa Warehouse. The publicaion of euro area economic and financial developmens in he second quarer of 212 is scheduled o ake place on Tuesday, 3 Ocober 212 a 1 a.m. CET. See hp://ec.europa.eu/eurosa/secoraccouns (Eurosa) for he non-financial accouns of he EU. For more deails, see hp://forum.europa.eu.in/irc/dsis/nfaccoun/info/daa/esa9/en/ielen.hm. European Cenral Bank Direcorae Communicaions, Press and Informaion Division Kaisersrasse 29, D-311 Frankfur am Main Tel.: +9 9 13 7, Fax: +9 9 13 7 Inerne: hp://www.ecb.europa.eu Reproducion is permied provided ha he source is acknowledged.
Euro area Char 1. 8 2-2 - - Growh of euro area ne disposable income and is allocaion o secors (annual percenage changes and percenage poin conribuions) households non-financial corporaions financial corporaions governmen ne disposable income 8 2-2 - - -8 Char 2. 1 2 Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 27 28 29 21 211 Growh of euro area gross fixed capial formaion and conribuions by secor (annual percenage changes and percenage poin conribuions) households non-financial corporaions financial corporaions governmen gross fixed capial formaion -8 1 2-2 - -2 - -1-1 -18 Char 3. 2 1 1 - -1-1 -2-2 Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 27 28 29 21 211 Growh of euro area gross capial formaion and is financing by secoral (gross) saving (annual percenage changes and percenage poin conribuions) foreign saving gross saving: governmen gross saving: households gross saving: corporaions gross capial formaion: euro area -1-1 -18 2 1 1 - -1-1 -2-2 -3 Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 27 28 29 21 211-3 ECB July 212S 1
Euro area households Char. 8 Growh of households' gross disposable income and conribuions by income componen (annual percenage changes and percenage poin conribuions) compensaion of employees ne propery income and oher ransfers axes (-) gross operaing surplus and mixed income ne social benefis and conribuions gross disposable income 8 2 2-2 -2 - - - Char. 3 2 1-1 -2-3 - Char. Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 27 28 29 21 211 Growh of households' non-financial invesmen and conribuions by source of inernal and exernal financing (annual percenage changes and percenage poin conribuions) gross saving loan financing financial invesmen and oher (-) ne capial ransfers (receivable - payable) Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 27 28 29 21 211 Growh of households' ne worh and conribuions by ype of asse change (annual percenage changes and percenage poin conribuions) ne acquisiion of non-financial asses ne acquisiion of financial asses oher changes in non-financial asses oher changes in financial asses gross non-financial invesmen ne incurrence of liabiliies (-) growh in ne worh - 3 2 1-1 -2-3 - 8 8 - - -8 Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 27 28 29 21 211-8 S 2 ECB July 212
Euro area non-financial corporaions Char 7. Growh of ne enrepreneurial income of non-financial corporaions and conribuions by componen (annual percenage changes and percenage poin conribuions) ne value added (a facor cos) propery income receivable compensaion of employees (-) ineres and ren payable (-) ne enrepreneurial income 2 2 1 1 - - -1-1 -2-2 -3 Char 8. Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 27 28 29 21 211 Growh of non-financial invesmen of non-financial corp. and conribuions by source of inernal and exernal financing (annual percenage changes and percenage poin conribuions) gross saving plus capial ransfers ne lending/ne borrowing (-) gross non-financial invesmen gross fixed capial formaion -3 2 2 1 1 - - -1-1 -2-2 -3-3 - Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 27 28 29 21 211 - ECB July 212S 3
Table 1. Income, consumpion, saving, invesmen and ne lending / ne borrowing: euro area and conribuions by secor (EUR billions) annual percenage percenage of euro Non-financial ransacions four-quarer-cumulaed sums changes 1) area NDI Ne disposable income (NDI): Euro area 7,19 7,33 7,7 7,7 7,81 7,89 7,881 1.7 1.7 1. 1. Households 2),3,7,73,777,8,82,83 1. 1.9 7. 7.3 Non-financial corporaions 2 189 17 19 132 9 82 2.3 1. Financial corporaions 177 12 13 18 17 29 22 1.8 2.8 General governmen 1,73 1,1 1, 1,7 1,7 1,718 1,722 2. 1. 21. 21.8 Consumpion expendiure: Euro area 7,1 7,39 7,37 7,3 7,1 7, 7,97 1.3 1.7 9. 9.1 Households 2),17,293,337,38,1,38,3 1. 1.9 9.3 9.3 General governmen collecive consumpion 771 773 773 773 772 772 77. 1. 1. 9.8 General governmen social ransfers in kind 3) 1,217 1,22 1,27 1,2 1,22 1,2 1,2.9 1. 1.2 1. Ne saving: Euro area 273 32 3 37 37 383 38 9..7..9 Households 2) 7 2 8 -. 2.3.9.7 Non-financial corporaions 23 188 17 18 131 9 81 2.3 1. Financial corporaions 119 71 81 9 11 13 17 1.1 2.1 General governmen -1-1 -3-38 -319-39 -312 -.8 -. Consumpion of fixed capial: Euro area 1,38 1,18 1,29 1,38 1,7 1, 1, 2.1 1. 18. 18. Households 2) 37 383 38 38 387 388 389 1.1...9 Non-financial corporaions 78 83 89 81 821 82 83 2. 1.7 1. 1. Financial corporaions 2 2 3 3 3 1. 2... General governmen 18 19 192 193 19 19 197 2.8 2. 2. 2. Ne capial ransfers (receivable - payable): Euro area 9 1 1 9 1 11 11.1.1 Households 2) 1 12 11 11 1 8 7.1.1 Non-financial corporaions 83 72 71 7 7 71 9.9.9 Financial corporaions -1 8 3 1 - -. -.1 General governmen -82-131 -118-11 -8-1 -9-1. -.8 Gross fixed capial formaion: Euro area 1,7 1,79 1,79 1,811 1,82 1,83 1,832 2.1 -. 23.3 23.3 Households 2) 3 7 71 71 2..1 7.3 7.2 Non-financial corporaions 9 9 9 977 99 998 999 3..1 12. 12.7 Financial corporaions 3 7 8 9 1.2 1.2.. General governmen 21 231 229 22 221 217 21 -.3-7. 3. 2.7 Ne acquisiion of oher non-financial asses ) : Euro area - 17 37 2 39 18..2 Households 2) -2 7 9 8.1.1 Non-financial corporaions -7 1 3 38 3 37 21..3 Financial corporaions 1 1 1 1.. General governmen -3-3 - -9. -.1 Ne lending (+)/ne borrowing (-): Euro area -3-3 - -3 - -2 -.7.1 Households 2) 382 32 28 279 28 23 27 3.7 3. Non-financial corporaions 3 13 7 28-9 -3-39.7 -. Financial corporaions 11 131 127 13 12 11 1 1. 2. General governmen -9-7 -17-9 -2-38 -379 -.7 -.8 1) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion x in quarer, and x(-) for he ransacion four quarers earlier. 2) Households and non-profi insiuions serving households. 3) Transfers of goods and services by governmen unis and non-profi insiuions serving households (NPISHs) o individual households. ) Changes in invenories, acquisiions less disposals of valuables and acquisiions less disposals of non-produced non-financial asses (e.g. land). S ECB July 212
Table 2. Households 1) (EUR billions) annual percenage percenage of Non-financial ransacions four-quarer-cumulaed sums changes 2) HGDI, adjused 3) Compensaion of employees,,,33,,9,19,3 2. 1. 73. 73. Gross operaing surplus and mixed income 1, 1, 1,2 1,7 1,8 1,89 1,92 1.. 23.7 23.7 Propery income (receivable - payable) 82 79 87 81 82 829 83 13.1 13. Ne social benefis and conribuions (rec. - pay.) 9 111 1 11 9 89 92 1.7 1. Oher curren ransfers (receivable - payable) 71 72 7 71 7 7 71 1.1 1.1 Taxes (on income and wealh) (-) 82 88 87 8 87 881 892 2.1. 13.9 1.2 Gross disposable income (HGDI),2,88,121,13,193,21,21 1. 1.8 99.1 99.1 +Adj. for change in ne worh in pension fund 3) 1 7 8.1..9.9 Gross disposable income (HGDI) plus adjusmen 3),81,13,17,218,29,272,299 1. 1.8 1. 1. Consumpion expendiure,17,293,337,38,1,38,3 1. 1.9 8. 8.7 Gross saving 923 89 839 838 833 83 83.3 1. 13. 13.3 Ne capial ransfers (receivable - payable) 1 12 11 11 1 8 7.2.1 Gross fixed capial formaion 3 7 71 71 2..1 9.1 9.1 Ne acquisiion of oher non-financial asses ) -2 7 9 8.1.1 Ne lending (+)/ne borrowing (-) 382 32 28 279 28 23 27..2 annual growh percenage of Financial ransacions four-quarer-cumulaed sums raes ) HGDI, adjused 3) Financial invesmen 3 89 38 399 37 393 2. 2.1 7.1.2 Currency and deposis 197 17 178 18 197 18 2 2. 3.1 2.9 3.3 Deb securiies -7-39 9 31 73 32.3 2.3.1. Shares and oher equiy 123 37-2 -39-1 -2-1 -1.2 -.3 -. -.2 Quoed shares 12 7-3 9 13 2 1..2.1. Unquoed shares and oher equiy 81 3 2 22 1. 2.1..8 Muual fund shares 1 - -7-1 -71-8 - -.8 -.7-1.1-1. Life insurance and pension fund reserves 22 23 21 177 1 122 1 2.2 1.8 3.3 1. Oher financial asses ) 2 81 7 9 1.2 1.1 Financing 113 19 11 11 12 11 129 1.7 1.9 2.3 2.1 Loans 111 129 12 1 12 93 7 1. 1.2 2. 1.2 Shor-erm -9-17 -21 - - -1-9 -2.9-2. -.3 -.1 Long-erm 121 1 1 1 131 13 8 1.8 1. 2. 1. Oher liabiliies 7) 1 3 1 11 17 23 3.3.8 Ne lending (+)/ne borrowing (-) (financial accouns) 21 33 297 23 27 2 23 2.1 2.1.8.2 Changes in financial wealh no due o ransacions 278 123 9 31-3 -328-177 1.1-2.8 annual percenage percenage of Balance shee end-of-period socks changes 2) HGDI, adjused 3) Financial asses 18,22 18,88 19, 19,83 18,77 18,87 19,11 -.1.8 37.7 3.2 Currency and deposis,,2,32,73,72,81,8 2.8 3.2 17. 18.7 Deb securiies 1,2 1,3 1,382 1, 1,377 1,9 1,1 3.2 2. 22. 22. Shares and oher equiy,33,71,22,,1,,178-9. -7. 73.2.3 Quoed shares 738 783 87 792 3 712-1.3-11.8 13.1 11.3 Unquoed shares and oher equiy 2,29 2,311 2,37 2,29 2,122 2,131 2,17-7.8-8.1 38. 3.2 Muual fund shares 1,3 1,378 1,38 1,38 1,2 1,22 1,39-9.1 -.3 22.2 2.8 Life insurance and pension fund reserves,18,1,9,23,33,1,92 2. 3. 89. 9. Oher financial asses ) 878 9 97 1,8 1,2 1, 1,29 1.7 1.3 Liabiliies,9,78,9,713,731,73,77.9 1.1 18. 17. Loans,92,1,113,171,19,2,19 1. 1.3 99. 98.3 Shor-erm 32 38 3 37 39 3 3 -. -1.3.7. Long-erm,8,78,78,8,831,87,8 1.7 1. 93.2 92.8 Oher liabiliies 7) 2 7 3 3 2 8 9.3 9. Non-financial asses 27,9 27,8 27,93 27,97 28,2 27,817 27,1 -.2-1. 1.8 3.8 of which: Housing wealh 2,39 2,31 2,29 2,37 2,9 2,28 2,873 -. -1. 2.8 1.7 Ne worh 38,82,73,27,317,11 39,91 39,9 -.3 -.8 1.1 33. 1) Households and non-profi insiuions serving households. 2) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion or end-of-quarer sock x in quarer, and x(-) for he ransacion or sock four quarers earlier. 3) Ne adjusmen for he change in ne equiy of households in pension fund reserves (receivable - payable). ) Changes in invenories, acquisiions less disposals of valuables and acquisiions less disposals of non-produced non-financial asses (e.g. land). ) Annual growh raes for financial ransacions are calculaed as 1*(f()+f(-1)+f(-2)+f(-3))/F(-) where f() sands for he ransacions in quarer, and F(-) for he end-of-quarer sock value four quarers earlier. ) Loans graned, prepaymens of insurance premiums and reserves for ousanding claims and oher accouns receivable. 7) Financial derivaive s ne liabiliies, pension fund reserves and oher accouns payable. ECB July 212S
Table 3. Non-financial corporaions (EUR billions) annual percenage percenage of Non-financial ransacions four-quarer-cumulaed sums changes 1) GVA or (NVA) 2) Gross value added (GVA),99,38,8,732,77,79,811 2. 1. 1. 1. Ne value added (NVA) 3,71 3,83 3,877 3,917 3,99 3,98 3,981 1.9 1. 82.7 82.8 Ne enrepreneurial income 1,137 1,319 1,33 1,332 1,332 1,3 1,297-1.1-1.3 3. 32. Ne disposable income 2 189 17 19 132 9 82. 2.1 Adj. for change in ne worh in pension fund -3-1 -1-1 -1-1 -1.. Ne saving 23 188 17 18 131 9 81. 2. Ne capial ransfers (receivable - payable) 83 72 71 7 7 71 9 1. 1. Consumpion of fixed capial 78 83 89 81 821 82 83 2. 1.7 17.3 17.2 Gross fixed capial formaion 9 9 9 977 99 998 999 3..1 2. 2.8 Ne acquisiion of oher non-financial asses 3) -7 1 3 38 3 37 21.7. Ne lending (+)/ne borrowing (-) 3 13 7 28-9 -3-39 1.2 -.8 annual growh percenage of Financial ransacions four-quarer-cumulaed sums raes ) GVA Financial invesmen 21 91 2 712 77 32 3.2 3.2 13.7 11.1 Currency and deposis 8 8 19 17 99 3. 3.1 2.3 1.3 Deb securiies -1 2 1 2 1 9 1 2..1.3.3 Loans 1 213 173 18 19 183 2.1.7 3.7.1 Shares and oher equiy 137 2 28 31 279 2 21 2.7 2.7.7. Quoed shares -2 33 73 39 2.8..7 1.3 Unquoed shares and oher equiy 11 222 27 2 21 177 1 3. 2..3 3.2 Muual fund shares 23-18 -12-1 -11 - -2. -1.3 -.3 -.1 Oher financial asses ) -1 18 77 8 128 78 1..9 Financing 22 1 99 8 7 7 7 2.2 2.1 12.8 11.8 Deb securiies 88 7 9.9 7. 1. 1. Shor-erm -2 - - 13 11 9 1. 11.8 -.1.2 Long-erm 13 72 1 3 33 7.1 7.2 1.1 1.2 Loans -28 18 21 27 27 212 18 2. 2.2. 3.8 Shor-erm -17 7 77 13 13 12 123.1.1 1. 2. Long-erm 8 127 137 13 113 7 2 1.2 1. 2.9 1.3 Shares and oher equiy 2 238 28 2 2 28 228 1. 1.7.3.7 Quoed shares 3 31 29 28 29 27 2.7... Unquoed shares and oher equiy 18 27 219 232 231 181 28 2. 2.2.7.3 Pension fund reserves 3 1 1 1 1 1 1.3.3.. Oher liabiliies ) -78 12 9 82 18 11 87 1.9 1.8 Ne lending (+)/ne borrowing (-) (financial accouns) -9 7 3 2-3 -3.9 -.7 annual percenage percenage of Financial balance shee end-of-period socks changes 1) GVA Financial invesmen 1,89 1,28 1,793 1,912 1,27 1, 17,8 -.2 1. 38. 3. Currency and deposis 1,87 1,91 1,9 1,93 1,97 2,1 1,99 2. 2. 1. 1. Deb securiies 31 3 3 3 3 32 3.3 13. 7. 8. Loans 2,7 2,977 2,997 3, 3,11 3,182 3,22.9 7...9 Shares and oher equiy 7,297 7,98 7,82 7,8 7,9 7,22 7,1 -.9-2.3 17. 18.8 Quoed shares 1,3 1,2 1, 1, 1,23 1,27 1,393-1. -.2 31. 29. Unquoed shares and oher equiy,,87,9,98,,9,8 -.3-1. 12.9 121.9 Muual fund shares 38 31 2 13 38 379 383-12.1-9. 9. 8. Oher financial asses ) 3,8 3,8 3,73 3,79 3,712 3,8 3,8 78. 79. Financing 2,227 2,223 2,1 2,8 2,29 2,9 2,11-2. -1..7 2.9 Deb securiies 82 888 8 877 92 923 97. 12.8 18. 2.3 Shor-erm 77 73 79 8 92 8 88 1. 12.2 1.7 1.8 Long-erm 77 81 78 797 829 839 887 3. 12.9 1.8 18. Loans 8,211 8,38 8,8 8,18 8,1 8,72 8,8 2.2 1. 18.3 178.1 Shor-erm 2,312 2,3 2,382 2,9 2,3 2,8 2,7. 3.9.8 1. Long-erm,899,,,9,88,1,92 1.. 129. 12. Shares and oher equiy 12,388 13,3 13,322 13,298 11,87 12,11 12,28-7.2 -.2 28.3 22. Quoed shares 3,2 3,813 3,922 3,91 3,12 3,3 3,7-13. -9. 83.7 7.2 Unquoed shares and oher equiy 8,88 9,22 9,1 9,38 8,71 8,81 9,8 -. -3. 2. 188.3 Pension fund reserves 33 33 33 33 33 337 337.3.2 7.2 7. Oher liabiliies ) 3,7 3,79 3,39 3,28 3,3 3,3 3,8 7. 7. 1) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion or end-of-quarer sock x in quarer, and x(-) for he ransacion or sock four quarers earlier. 2) As a percenage of ne value added in he case of ne enrepreneurial income and ne saving. 3) Changes in invenories, acquisiions less disposals of valuables and acquisiions less disposals of non-produced non-financial asses (e.g. land). ) Annual growh raes for financial ransacions are calculaed as 1*(f()+f(-1)+f(-2)+f(-3))/F(-) where f() sands for he ransacions in quarer, and F(-) for he end-of-quarer sock value four quarers earlier. ) Oher accouns receivable, and prepaymens of insurance premiums and reserves for ousanding claims. ) Oher accouns payable, financial derivaive s ne liabiliies and deposis. S ECB July 212
Table. General governmen (EUR billions) annual percenage percenage Non-financial ransacions four-quarer-cumulaed sums changes 1) of GNDI Ne disposable income (GNDI) 1,73 1,1 1, 1,7 1,7 1,718 1,722 2. 1. 1. 1. Consumpion expendiure 1,989 2,1 2,2 2,23 2,2 2,28 2,3. 1.3 122.1 118.1 Ne saving -1-1 -3-38 -319-39 -312-22.1-18.1 Consumpion of fixed capial 18 19 192 193 19 19 197 2.8 2. 11. 11. Ne capial ransfers (receivable - payable) -82-131 -118-11 -8-1 -9-7.1-3. Gross fixed capial formaion 21 231 229 22 221 217 21 -.3-7. 13.8 12. Ne acquisiion of oher non-financial asses 2) -3-3 - -9 -.2 -. Ne lending (+)/ne borrowing (-) -9-7 -17-9 -2-38 -379-31.3-22. annual growh percenage Financial ransacions four-quarer-cumulaed sums raes 3) of GNDI Ne acquisiion of financial asses 9 21 21 28 29 1 19 2.8.1 1.8 11.3 Financial invesmen ) 78 22 27 213 19 39 123 1.3 3.9 1. 7.1 Currency and deposis -1 2 3 72 11 28.2 9. 3.2 3.8 Deb securiies 23 137 12 1 11-2 -12 -. -2. 7.3 -.7 Loans 2 7 73 8 32.3 12.7. 3.8 Shor-erm -2 2-11 -3-1 -9-11.7 7. -.7.3 Long-erm 27 8 8 1 1 9. 13..1 3. Shares and oher equiy 39 1 1-22 -1-1 -.1.3..3 Quoed shares 13 - -1-11 -11 - -1-1.7 -. -. -.1 Unquoed shares and oher equiy 13 12 11-9...7.3 Muual fund shares 13 3-2 -8-1 2 -.9 1...1 Oher financial asses ) 17-1 13 7 7 71.8.1 Ne incurrence of liabiliies 811 778 77 3 92 73..3 7. 33.3 Financing ) 2 782 7 97 1 2 1.2.9.7 29.1 Currency and deposis - 21 2 22-8 11 1.3. 1..1 Deb securiies 93 3 9 382 32 33.. 2. 19.2 Shor-erm 139 - -3-12 8 8 28 1.2. -2. 1. Long-erm 17 79 71 37 317 32..2 29. 17. Loans 31 29 21 23 1 19.2 9.9 17.8 9.8 Shor-erm - 173 13 82 11-1 -2-11. -7. 8.1-1. Long-erm 71 128 11 13 13 17 19 1.9 1.1 9.7 11.3 Oher liabiliies ) 13 3 22 77 2 9 72 1.3.2 Ne lending (+)/ne borrowing (-) (financial accouns) -9-7 -17-9 -2-38 -379-31.3-22. annual percenage percenage Financial balance shee end-of-period socks changes 1) of GNDI Financial asses 3,37 3,73 3,793 3,92 3,73 3,89 3,9 1.2. 229.3 229.2 Financial invesmen ) 2,781 3,99 3,11 3,178 3, 3,71 3,18 -.9 2.3 188.3 18. Currency and deposis 2 8 72 79 711 71 791.3 9.2 3.8.9 Deb securiies 377 8 81 7 79 79 2 -. -.1 29.1 2.8 Loans 2 11 11 3 31 39 72. 12.1 3.9 33.2 Shor-erm 7 78 2 8 73 3 7-19.3.7 3.8 3.9 Long-erm 37 33 8 8 7 1.1 12.8 27.1 29. Shares and oher equiy 1,31 1,39 1,397 1,37 1,32 1,338 1,3 -.1-2.7 8. 79. Quoed shares 292 2 28 22 213 2 213-22.1-2. 1.2 12.3 Unquoed shares and oher equiy 87 9 97 99 93 97 983.8 1. 8. 7.1 Muual fund shares 12 1 12 12 18 17 1 -. 1.3 9.8 9. Oher financial asses ) 8 7 7 737 71 1.1.2 Liabiliies 8,29 8,98 9, 9,239 9,323 9,38 9,8 3.9 7.1. 2. Financing ) 7,82 8, 8,2 8,9 8,7 8,7 9,1 3..8 1. 28. Currency and deposis 21 22 2 29 22 27 27.. 1. 1.9 Deb securiies,18,9,9,89,73,83,9 2.9.1 39..2 Shor-erm 71 7 77 717 79 71 738 1..3 2.8 2.8 Long-erm,2,79,82,972,1,98,222 3.1.3 33.8 31. Loans 1,398 1,7 1,71 1,711 1,71 1,8 1,883.1 1.1 13. 19. Shor-erm 179 32 331 38 311 312 3-11.3-7.3 2. 17.8 Long-erm 1,219 1,38 1,379 1,3 1,3 1,91 1,7 1. 1.3 83. 91. Oher liabiliies ) 72 2 1 8 7 8 8 31.1 3. Memo: Governmen deb (a nominal value) 7) 7,12.8 7,818.2 7,973. 8,11.1 8,132. 8,21.1 8,39. 1) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion or end-of-quarer sock x in quarer, and x(-) for he ransacion or sock four quarers earlier. 2) Changes in invenories, acquisiions less disposals of valuables and acquisiions less disposals of non-produced non-financial asses. 3) Annual growh raes for financial ransacions are calculaed as 1*(f()+f(-1)+f(-2)+f(-3))/F(-) where f() sands for he ransacions in quarer, and F(-) for he end-of-quarer sock value four quarers earlier. ) In line wih exising convenions, he financing of he governmen excludes he ne incurrence of liabiliies via financial derivaives, shares and oher equiy, pension fund reserves and oher accouns payable, and he financial invesmen of he governmen excludes financial derivaives, prepaymens of insurance premiums and reserves for ousanding claims and oher accouns receivable. ) Oher accouns receivable, financial derivaives and prepaymens of insurance premiums and reserves for ousanding claims. ) Oher accouns payable, pension fund reserves, financial derivaives and unquoed shares and oher equiy. 7) General governmen deb a nominal value and consolidaed beween sub-secors of general governmen. ECB July 212S 7
Table. Financial corporaions (EUR billions) annual percenage percenage of Non-financial ransacions four-quarer-cumulaed sums changes 1) GVA or (NVA) 2) Gross value added (GVA) 2 39 38 38 38 1 1.3 1.2 1. 1. Ne value added (NVA) 383 39 39 39 39 39 397 1.3 1. 9.3 9.1 Ne enrepreneurial income 12 9 13 38 8 1. 2.7 1. 121. Ne disposable income 177 12 13 18 17 29 22 3.1. Adj. for change in ne worh in pension fund -8 - - - - - -7-13. -1.3 Ne saving 119 71 81 9 11 13 17 2. 2.2 Ne capial ransfers (receivable - payable) -1 8 3 1 - - 1. -1.3 Consumpion of fixed capial 2 2 3 3 3 1. 2. 9.7 9.9 Gross fixed capial formaion 3 7 8 9 1.2 1.2 9.8 11.2 Ne acquisiion of oher non-financial asses 3) 1 1 1 1.1.2 Ne lending (+)/ne borrowing (-) 11 131 127 13 12 11 1 28.9 3.3 annual growh percenage of Financial ransacions four-quarer-cumulaed sums raes ) GVA Financial invesmen 12 1,29 87 2 2,17 2,89,21.8 7. 198. 912.3 Currency and deposis -1,8 99-1 -722 1,1 1,78 2,73 1.3 22.9-3. 27. Deb securiies 83 1 7 13-11 2 13 2.1.3 1. 11. Shor-erm - - -78-13 -32 81 19 8. 17. -17.8 3. Long-erm 9 2 18 239 22 17 3 1. 3.2 33.8 8. Loans 1 3 9 2 279 1. 1. 19. 3.3 Shor-erm -9 19 21 223 29 7 121 1.9 3. 8.9 27. Long-erm 238 93 1 321 3 188 18 1. 1.2 1.7 3.8 Shares and oher equiy 3 3 281 3 2 22 33 2.3 3.1.2 7.8 Oher financial asses ) -72 7 23-3 1 8 13.1 3.8 Financing 398 1,13 73 11 1,897 2,8 3,8. 7.3 19. 877. Currency and deposis -97 313-1 -1 1,1 1,789 3,3 8. 13.7-13.8 88.7 Deb securiies 38-17 -19-1 -2 1 139 1.2 1.7-3. 31. Shor-erm -1-2 - -2-3 8 7 9. 9.3-12.2 1.3 Long-erm 9-1 -9 2 27 32 72. 1. -21.8 1.3 Loans 9 1 19 13 191 77 128 2.2 3..2 29.1 Shor-erm 78 8 8 8 122 37 111 2.2.7 19. 2.1 Long-erm -29 99 18 9 18 2.1.9 2.. Shares and oher equiy 78 8 2 2 331 277 371 2. 3.2 97.2 8.2 Quoed shares 7 3 1 8 77 7..8 9.3 13. Unquoed shares and oher equiy 282 22 213 1 188 232 27.7. 8..1 Muual fund shares 22 172 21-1 -.2 1. 39.2 1. Insurance echnical reserves 2 273 22 189 1 119 12 2. 1.7 1.2 23.2 Oher liabiliies ) -13 13 19 18 83 87 89 2.9 2.2 Ne lending (+)/ne borrowing (-) (financial accouns) 11 131 127 13 12 11 1 28.9 3.3 annual percenage Financial balance shee end-of-period socks changes 1) 29 21 211 Q1 211 Q2 211 Q3 211 Q 212 Q1 211 Q 212 Q1 Financial invesmen 2,3,22,117,37,333,23 8,17 3.7 7. Currency and deposis 12,21 12,39 12, 12,2 13, 1,27 1,9 1.3 2. Deb securiies 11,82 12,81 12,73 12,8 12,13 12,11 12,722.. Shor-erm 97 91 99 8 922 1,31 1,8 9. 19.3 Long-erm 1,87 11,1 11,13 11,17 11,92 11,11 11,37 -.3.2 Loans 1,1 17,39 17,9 17,1 17,72 17, 17,71 1. 1. Shor-erm 3,72 3,9,3,9,21,1,2 3.. Long-erm 12,83 13,31 13,19 13, 13,71 13, 13,.8.3 Shares and oher equiy 9, 1,1 1,3 1,79 1,2 1,27 1,72-2.9. Oher financial asses ) 1,7 1,878 1,872 1,91 2,2 1,98 2,78 Financing 1,31 3,13 2,99 3,3,2,28 7,173. 7.9 Currency and deposis 22,73 22,92 22,9 22,333 23,9 2,3 2,28 8.2 1.3 Deb securiies 8,111 8,77 8,7 8,119 8,13 8,22 8,13 2..2 Shor-erm 71 78 72 7 711 783 83 1. 1.9 Long-erm 7,3 7,39 7,31 7,1 7,19 7,9 7,1 1.2 3. Loans 3,323 3,21 3,8 3,98 3,733 3,71 3,72.1. Shor-erm 1, 1,38 1, 1,83 1,7 1,71 1,79. 8.8 Long-erm 1,78 1,883 1,939 1,91 1,973 1,991 1,972.8 1.7 Shares and oher equiy 1,9 11,32 11,31 11,2 11,2 11,22 11,819-2. 1. Quoed shares 927 89 87 8 29 22 99-23.1-2.1 Unquoed shares and oher equiy 3,73,2,89,11,87,1,28 2.3.7 Muual fund shares,1,71,7,7,39,7,8-2.9 2. Insurance echnical reserves,32,3,8,111,117,179,29 2. 3. Oher liabiliies ) 1, 1,72 1,22 1,72 1,7 1,39 1,27 1) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion or end-of-quarer sock x in quarer, and x(-) for he ransacion or sock four quarers earlier. 2) As a percenage of ne value added in he case of ne enrepreneurial income and ne saving. 3) Changes in invenories, acquisiions less disposals of valuables and acquisiions less disposals of non-produced non-financial asses (e.g. land). ) Annual growh raes for financial ransacions are calculaed as 1*(f()+f(-1)+f(-2)+f(-3))/F(-) where f() sands for he ransacions in quarer, and F(-) for he end-of-quarer sock value four quarers earlier. ) Moneary gold and SDRs, oher accouns receivable, and prepaymens of insurance premiums and reserves for ousanding claims. ) Oher accouns payable and financial derivaive s ne liabiliies. S 8 ECB July 212
Table. Insurance corporaions and pension funds (EUR billions) annual growh Financial ransacions four-quarer-cumulaed sums raes 1) 29 21 211 Q1 211 Q2 211 Q3 211 Q 212 Q1 211 Q 212 Q1 Financial invesmen 23 289 27 2 237 19 1 2. 2. Currency and deposis -19-1 - -7 1 2 3 3.2 3.8 Deb securiies 9 187 183 11 1 9 18 1.9.7 Shor-erm -1 1 1 1 22 13 7.2 2.9 Long-erm 1 177 173 17 9 27 1.1.2 Loans 7 29 19 18 1 8 1. 1.7 Shares and oher equiy 13 71 2 83 1 92 119 3.8.9 Quoed shares -9 13 1 1 1 3 1.. Unquoed shares and oher equiy -2 11-7 -1-2. -3. Muual fund shares 232 31 1 8 93 12.9 8. Oher financial asses 2) - 17 - -1-11 Financing 22 288 28 27 27 17 18 2.3 2. Deb securiies 3 3 3 3 9. 9.7 Loans -2 9 1 1 1 8 2.2 2.7 Shor-erm -1 8 11 1 17 7 3.3 3.8 Long-erm -1 1-1 -2 1 1. 1. Shares and oher equiy 3 1 2 3 3 3.7. Quoed shares 1 1 1.7.7 Unquoed shares and oher equiy 3 1 1 2 2 2.7. Insurance echnical reserves 2 273 221 18 1 117 12 2. 1.7 Oher liabiliies 3) -22 13 3 3 27 2 Ne lending (+)/ne borrowing (-) (financial accouns) 12 8 8 31 1 - annual percenage Financial balance shee end-of-period socks changes ) 29 21 211 Q1 211 Q2 211 Q3 211 Q 212 Q1 211 Q 212 Q1 Financial invesmen,327,72,82,82,79,72 7,2.1 3.2 Currency and deposis 87 79 799 8 817 83 818 1.1 2. Deb securiies 2,89 2,3 2,711 2,72 2,733 2,87 2,89.9 3. Shor-erm 37 8 7.7 28.7 Long-erm 2,2 2,17 2, 2,7 2,7 2,2 2,7.1 3.1 Loans 3 71 9 72 7 1.3 2.1 Shares and oher equiy 2,23 2,2 2,7 2,8 2,3 2, 2,9 -.8.2 Quoed shares 13 3 3 7 8 1 32 -.8 -. Unquoed shares and oher equiy 31 298 297 29 29 289 29-3.1 -. Muual fund shares 1,29 1,7 1,87 1, 1,1 1,1 1,722 1.7 8. Oher financial asses 2) 32 372 38 373 3 39 38 Financing,3,8,91,92,889,933 7,113 1.1 2. Deb securiies 31 33 31 3 31 3 3 2.2 8.7 Loans 272 28 291 29 31 29 299 1.3 2.7 Shor-erm 1 172 17 177 18 173 182 1. 3. Long-erm 18 11 11 117 11 11 117 1.7 1.3 Shares and oher equiy 29 2 39 2 381 38 12-1. -.3 Quoed shares 133 123 13 122 97 97 113-21.1-13. Unquoed shares and oher equiy 29 3 38 33 283 281 297 -.1-3. Insurance echnical reserves,,971,21,,1,113,229 2. 3. Oher liabiliies 3) 1 12 18 13 12 117 1 Source: ECB. 1) Annual growh raes for financial ransacions are calculaed as 1*(f()+f(-1)+f(-2)+f(-3))/F(-) where f() sands for he ransacions in quarer, and F(-) for he end-of-quarer sock value four quarers earlier. 2) Oher accouns receivable, and prepaymens of insurance premiums and reserves for ousanding claims. 3) Oher accouns payable and financial derivaive s ne liabiliies. ) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion or end-of-quarer sock x in quarer, and x(-) for he ransacion or sock four quarers earlier. ECB July 212S 9