The European Central Bank published the second release of quarterly euro area sector accounts for the first quarter of 2026, showing euro area net saving broadly unchanged at EUR 902 billion in four-quarter terms, while net non-financial investment fell to EUR 629 billion. As a result, euro area net lending to the rest of the world rose to EUR 307 billion from EUR 296 billion in the previous quarter. Within that, household net lending increased to EUR 688 billion and non-financial corporations' net lending rose to EUR 113 billion, while financial corporations' net lending fell to negative EUR 1 billion and general government net borrowing widened to negative EUR 493 billion. For households, the annual growth rate of financial investment rose to 2.9% from 2.6%, driven by faster growth in pension schemes, life insurance and debt securities, while growth in currency and deposits slowed. Household financing growth increased to 3.0% from 2.6%, with loan growth also at 3.0%. The household debt-to-income ratio was broadly unchanged at 81.0%, while the debt-to-GDP ratio edged down to 50.3% from 50.6% a year earlier. For non-financial corporations, financing growth was unchanged at 1.4%, with loan financing steady at 2.3%, debt securities growth accelerating to 4.0% and trade credit growth rising to 4.2%. The consolidated debt-to-GDP ratio for non-financial corporations fell to 65.6% from 67.1% a year earlier, while the broader non-consolidated measure declined to 136.5% from 137.9%. The release also notes that some movements were affected by the conversion of pension schemes from defined benefits to defined contributions in the Netherlands, which increased households' pension entitlements and influenced net lending in the household and financial corporation sectors. The figures incorporate revisions and completed data relative to the first release for the quarter, and include data revisions back to the first quarter of 2013 reflecting, among other changes, the inclusion of Bulgaria in euro area aggregates for that period.
European Central Bank2026-07-27
European Central Bank reports euro area net saving broadly unchanged at EUR 902 billion and higher external net lending in first quarter 2026
The European Central Bank's updated euro area sector accounts for the first quarter of 2026 show net saving broadly unchanged at EUR 902 billion, lower net investment and higher net lending to the rest of the world at EUR 307 billion. Household net lending rose and household debt-to-income was stable at 81.0%, while non-financial corporations' consolidated debt-to-GDP ratio fell to 65.6%. The release also incorporates revisions, including changes linked to Bulgaria's inclusion in euro area aggregates and pension scheme conversions in the Netherlands.