Monthly Bulletin April 2008 - European Central Bank - Europa

3.3 Households
(EUR billions; four-quarter cumulated flows; outstanding amounts at end-of-period)
Income, saving and changes in net worth
2005 Q4- 2006 Q1- 2006 Q2- 2006 Q3- 2006 Q4-
2003 2004 2005 2006 Q3 2006 Q4 2007 Q1 2007 Q2 2007 Q3
Compensation of employees (+) 3,673.6 3,779.1 3,884.2 4,000.3 4,037.1 4,081.3 4,123.7 4,163.4
Gross operating surplus and mixed income (+) 1,228.6 1,280.5 1,329.3 1,383.6 1,403.9 1,424.9 1,445.8 1,466.6
Interest receivable (+) 237.5 230.6 228.7 249.6 259.8 267.7 275.2 282.8
Interest payable (-) 124.1 125.2 128.9 148.7 156.9 165.0 173.2 180.5
Other property income receivable (+) 615.4 650.3 696.7 725.4 736.6 742.9 753.0 756.9
Other property income payable (-) 8.9 9.4 9.4 9.5 9.5 9.5 9.5 9.5
Current taxes on income and wealth (-) 702.0 705.5 738.4 770.8 788.8 797.1 810.5 829.5
Net social contributions (-) 1,384.4 1,423.7 1,465.5 1,513.7 1,528.6 1,540.8 1,553.2 1,564.3
Net social benefits (+) 1,396.7 1,440.7 1,484.2 1,518.6 1,529.3 1,536.3 1,544.0 1,553.7
Net current transfers receivable (+) 65.3 64.6 67.4 62.8 62.9 64.5 65.3 66.4
= Gross disposable income 4,997.7 5,182.1 5,348.4 5,497.5 5,545.8 5,605.1 5,660.8 5,705.9
Final consumption expenditure (-) 4,319.7 4,485.4 4,653.3 4,798.2 4,843.5 4,882.1 4,920.9 4,961.2
Changes in net worth in pension funds (+) 54.5 57.1 59.4 62.0 63.1 63.0 63.4 64.4
= Gross saving 732.5 753.8 754.4 761.4 765.4 786.1 803.4 809.1
Consumption of fixed capital (-) 288.1 303.3 318.4 331.0 335.2 338.8 342.1 344.8
Net capital transfers receivable (+) 12.6 18.9 25.0 28.9 32.3 30.3 27.6 20.5
Other changes in net worth 1) (+) 256.1 300.1 617.9 366.5 479.4 386.1 604.1 200.0
= Changes in net worth 1) 713.2 769.5 1,078.9 825.8 941.9 863.7 1,092.9 684.8
Investment, financing and changes in net worth
Net acquisition of non-financial assets (+) 495.8 526.7 559.7 600.4 612.0 627.1 638.1 644.8
Consumption of fixed capital (-) 288.1 303.3 318.4 331.0 335.2 338.8 342.1 344.8
Main items of financial investment (+)
Short-term assets 211.3 214.6 207.7 262.2 301.6 345.8 378.5 398.9
Currency and deposits 226.5 213.0 247.9 265.6 283.8 293.2 316.9 328.2
Money market fund shares 25.1 -6.4 -20.2 -17.5 0.3 25.7 44.7 42.9
Debt securities 2) -40.3 8.0 -20.1 14.0 17.6 26.9 16.8 27.7
Long-term assets 311.0 342.3 443.3 359.7 303.1 257.9 222.5 157.7
Deposits -5.7 33.7 -10.1 -0.3 -6.7 -19.7 -29.3 -34.1
Debt securities 25.8 65.8 17.0 69.1 62.4 46.4 29.7 -2.0
Shares and other equity 59.9 -8.5 136.1 -7.3 -29.7 -26.3 -32.8 -32.5
Quoted, unquoted shares and other equity 7.6 -13.5 61.4 -8.7 -1.4 30.2 32.2 38.0
Mutual fund shares 52.2 5.0 74.7 1.5 -28.3 -56.5 -65.0 -70.6
Life insurance and pension fund reserves 231.0 251.3 300.4 298.2 277.1 257.4 254.8 226.3
Main items of financing (-)
Loans 262.8 311.7 390.3 411.4 390.7 382.4 364.6 361.6
of which from euro area MFIs 211.6 280.8 358.3 372.1 346.5 337.2 316.8 302.3
Other changes in financial assets (+)
Shares and other equity 272.5 256.5 521.4 353.8 460.0 371.4 587.4 196.1
Life insurance and pension fund reserves 29.0 56.9 129.4 55.0 48.5 33.4 66.1 29.8
Remaining net flows (+) -55.5 -12.5 -73.8 -62.9 -57.4 -50.7 -92.9 -36.0
= Changes in net worth 1) 713.2 769.5 1,078.9 825.8 941.9 863.7 1,092.9 684.8
Financial balance sheet
Financial assets (+)
Short-term assets 4,058.0 4,275.7 4,494.8 4,644.7 4,751.6 4,830.1 4,969.5 5,020.9
Currency and deposits 3,710.1 3,926.0 4,176.7 4,318.2 4,456.5 4,497.3 4,613.3 4,653.9
Money market fund shares 321.0 313.9 300.5 285.4 261.3 281.0 305.0 302.8
Debt securities 2) 27.0 35.7 17.6 41.2 33.8 51.8 51.2 64.3
Long-term assets 9,214.9 9,847.5 10,931.5 11,483.6 11,761.0 11,981.2 12,081.2 11,863.0
Deposits 841.9 876.6 883.9 870.9 871.0 847.8 836.3 830.9
Debt securities 1,202.1 1,243.3 1,239.6 1,286.8 1,286.5 1,301.8 1,256.5 1,261.1
Shares and other equity 3,629.8 3,878.4 4,529.1 4,808.2 4,999.0 5,160.4 5,241.1 4,997.3
Quoted, unquoted shares and other equity 2,480.8 2,712.8 3,207.9 3,462.0 3,613.6 3,775.6 3,842.6 3,634.2
Mutual fund shares 1,149.1 1,165.6 1,321.2 1,346.2 1,385.4 1,384.8 1,398.5 1,363.1
Life insurance and pension fund reserves 3,541.0 3,849.2 4,278.9 4,517.6 4,604.6 4,671.1 4,747.3 4,773.7
Remaining net assets (+) 190.2 228.0 184.0 203.9 202.6 215.0 207.8 219.8
Liabilities (-)
Loans 3,922.2 4,245.6 4,630.0 4,915.9 5,015.6 5,099.1 5,195.5 5,275.2
of which from euro area MFIs 3,521.2 3,812.5 4,195.9 4,464.5 4,543.0 4,611.3 4,692.7 4,752.9
= Net financial wealth 9,540.8 10,105.6 10,980.3 11,416.3 11,699.7 11,927.2 12,063.0 11,828.5
Sources: ECB and Eurostat.
1) Excluding changes in net worth due to other changes in non-financial assets such as revaluations of residential property.
2) Securities issued by MFIs with a maturity of less than two years and by other sectors with a maturity of less than one year.
S 32 ECB
Monthly Bulletin
April 2008