The European Central Bank released euro area sector accounts data for the third quarter of 2025, showing household financial investment rising at a broadly unchanged annual rate of 2.7% and non-financial corporations’ financing growing at an unchanged annual rate of 1.6%. Household gross non-financial investment increased 2.8%, while non-financial corporations’ gross operating surplus rose at a higher annual rate of 2.6%. Household gross disposable income growth slowed to 2.9% and consumption growth to 3.1%, with the gross saving rate unchanged at 15.2%. Loans to households increased at a higher annual rate of 2.6%, while the composition of household financial investment included faster growth in currency and deposits (3.2%) and life insurance (2.4%), broadly unchanged growth in shares and other equity (2.6%), slower growth in pension scheme contributions (2.4%), and a return to positive growth in debt securities (0.5% after -1.2% previously). Household net worth growth eased to 4.8% and the debt-to-income ratio fell to 81.5% from 82.1% a year earlier. For non-financial corporations, net value added grew 4.2%, net property income turned negative (-2.0%), and gross entrepreneurial income increased 2.1%; gross non-financial investment growth slowed to 7.0%. Within financing, loan financing grew 2.3%, net issuance of debt securities accelerated to 2.4%, trade credit financing to 5.2%, and equity financing remained at 0.7%, while debt-to-GDP ratios decreased to 66.0% (consolidated) and 136.4% (non-consolidated). The release incorporates revisions to data back to the first quarter of 2022, and the ECB noted that experimental Distributional Wealth Accounts results for 2025 Q3 are planned for 25 February 2026.

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