European Central Bank publishes revised euro area sector accounts with net saving up to EUR 861 billion and household and corporate debt ratios down

The European Central Bank, together with Eurostat, published the second release of quarterly euro area sector accounts for the second quarter of 2025, incorporating revisions and completed data. Euro area net saving increased to EUR 861 billion over the four quarters to the second quarter of 2025, while net non-financial investment rose to EUR 545 billion, reducing net lending to the rest of the world to EUR 348 billion. Leverage indicators declined, with the household debt-to-income ratio at 81.5% and the consolidated non-financial corporations (NFCs) debt-to-GDP ratio at 66.3%. Households’ net lending increased to EUR 597 billion (4.8% of net disposable income) and financial corporations’ net lending was broadly unchanged at EUR 93 billion, while NFCs’ net lending fell to EUR 99 billion and general government net borrowing narrowed to -EUR 442 billion. Household financial investment grew at an annual rate of 2.6%, with faster growth in shares and other equity, life insurance and pension schemes, while investment in debt securities turned negative (-1.2%) and currency and deposits grew 3.0%; the household debt-to-GDP ratio decreased to 50.9%. NFC financing grew 1.6%, with faster growth in financing via debt securities (1.9%) and trade credits (4.9%) offset by slower loan growth (2.2%) and equity financing (0.7%), and the wider non-consolidated NFC debt-to-GDP measure declined to 136.7%. The release includes revisions compared with the first release published on 7 October 2025 and incorporates revisions to the data back to the first quarter of 1999. The ECB also flagged a tentative plan to publish experimental Distributional Wealth Accounts results for the second quarter of 2025 on 28 November 2025.