The European Central Bank published euro area sector accounts for the third quarter of 2024, showing households’ financial investment grew at a broadly unchanged annual rate of 2.4% while non-financial corporations’ (NFCs) financing increased at an unchanged annual rate of 1.0%. NFC gross operating surplus contracted less sharply at an annual rate of -1.1% (after -3.9% in the previous quarter). Household gross disposable income rose at an annual rate of 4.6%, consumption growth accelerated to 3.2%, and the gross saving rate increased to 15.2% (from 14.9%). Household non-financial investment (mainly housing) fell by -0.3% (after -1.7%), while loans to households grew by 0.9% (after 0.5%). Within household financial investment, currency and deposits grew by 2.6%, investment in debt securities by 16.5% (after 28.7%), and investment in shares and other equity by 1.3%, supported by investment fund shares growth of 5.3%; household net worth increased by 5.4% and the debt-to-income ratio fell to 82.7% (from 86.4% a year earlier). For NFCs, net value added increased by 2.4%, gross non-financial investment rose by 4.1% (after -7.9%), and financial investment grew by 2.0%; financing growth was driven by loans (1.3%), equity (0.7%) and trade credits (1.7%), while debt securities financing grew by 2.6%. The release incorporates revisions to the data since the first quarter of 2021. The ECB also noted that experimental Distributional Wealth Accounts results for the third quarter of 2024 are planned for 28 February 2025 (tentative date).

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