The European Central Bank published updated euro area household and non-financial corporation accounts for the fourth quarter of 2025, showing household financial investment rising at an unchanged annual rate of 2.5% and non-financial corporation (NFC) financing growing at an unchanged 1.5%. NFC gross operating surplus increased at a faster annual rate of 4.3% from 3.5% in the previous quarter. For households, gross disposable income growth picked up to 3.3% while consumption expenditure rose 3.6%, leaving the gross saving rate unchanged at 14.9%. Gross non-financial investment, mainly housing, accelerated to 7.1%, and loans to households grew 2.7%. Household net worth grew at an unchanged 4.7%, housing wealth rose 4.6%, and the debt-to-income ratio fell to 81.3% from 81.7% a year earlier. For NFCs, net value added grew 4.4% and gross entrepreneurial income rose 3.7%, while gross non-financial investment slowed to 1.3% and financial investment increased 2.1%. Within NFC financing, net issuance of debt securities rose 3.2% and loan financing 2.4%, while trade credit growth slowed to 3.9% and equity financing remained 0.7%; NFC debt-to-GDP fell to 65.6% from 67.0% a year earlier and the wider non-consolidated debt measure declined to 135.7% from 138.0%. The ECB noted that the release incorporates data revisions back to the first quarter of 2022, and that results for its experimental Distributional Wealth Accounts for 2025 Q4 are scheduled for release on 29 May 2026.
European Central Bank 2026-04-09
European Central Bank reports euro area household financial investment growth steady at 2.5% and NFC financing at 1.5% in 2025 Q4
The European Central Bank published updated euro area household and non-financial corporation accounts for the fourth quarter of 2025, showing unchanged annual growth in household financial investment at 2.5% and in non-financial corporation financing at 1.5%, alongside a faster increase in non-financial corporation gross operating surplus to 4.3%. Household net worth grew 4.7% with a lower debt-to-income ratio of 81.3%, while non-financial corporation debt-to-GDP declined to 65.6% and the wider non-consolidated debt measure to 135.7%. Data revisions extend back to the first quarter of 2022.