The European Central Bank published euro area financial accounts indicators for the second quarter of 2025 showing household financial investment increased at an annual rate of 2.5%, while non-financial corporations’ financing rose at an unchanged 1.3%. Household gross non-financial investment accelerated to 2.9% and loans to households grew 2.0%, with the household gross saving rate unchanged at 15.2%. For corporates, gross non-financial investment rose 11.5% and gross operating surplus growth increased to 2.2%. Household gross disposable income grew 3.2%, with compensation of employees rising 4.6% and consumption expenditure 3.3%. Within household financial investment, currency and deposits grew 2.9%, debt securities growth fell to 0.0%, and investment in shares and other equity increased 2.6%, supported by investment fund shares growth of 8.3%; life insurance and pension scheme investment rose 1.9% and 2.3% respectively. Household net worth increased 5.0%, housing wealth grew 4.7%, and the household debt-to-income ratio declined to 81.5% from 83.1% a year earlier. For non-financial corporations, net value added increased 4.0% and gross entrepreneurial income rose 2.1%, while financial investment grew 2.1%; debt securities net issuance accelerated to 2.4% and trade credit financing remained at 4.0%. The consolidated NFC debt-to-GDP ratio fell to 66.5% from 68.1% a year earlier, and the wider non-consolidated debt measure decreased to 137.8% from 139.8%. The release incorporates revisions to data since the first quarter of 2021, and the ECB noted that results for its experimental Distributional Wealth Accounts for 2025 Q2 are planned for 28 November 2025 on a tentative basis.

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