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Press release

Quarterly non-financial accounts for General Government, households income and savings and non-financial corporation profits

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The quarterly non-financial General Government (GG) account and the other figures presented in this press release derive from the Quarterly non-financial sector accounts (QSA). Data on households and non-financial corporations are in seasonally adjusted form, data on the GG are unadjusted.

In the first quarter of 2020, the GG net borrowing to GDP ratio was 10.8% compared to 7.1% in the first quarter of 2019.

The current and the primary balance of the GG were negative, both with a ratio to GDP at -7.8% compared to -4.1% and -4.2% in the first quarter of 2019, respectively.

The tax burden ratio stood at 37.1% of GDP, 0.5 percentage points higher than the same quarter of 2019.

Gross disposable income of consumer households decreased by 1.6% with respect to the previous quarter, while final consumption expenditure decreased by 6.4%.

The saving rate was 12.5%, 4.6 percentage points higher than in the previous quarter.

Gross disposable income of Consumer households in real terms decreased by 1.7%.

The profit share of non-financial corporations was 42.3%, 0.4 percentage points higher than in the previous quarter. The investment rate of non-financial corporations was 20.9%, 0.4 percentage points lower than in the previous quarter.

QSA and GG estimates presented in this press-release are affected by the problems encountered in the collection of several data sources due to the ongoing pandemic emergency. Where necessary, specific actions have been carried out to elaborate robust accrual based stimates. (see Methodological note, p. 9). In line with the current revision policy, today’s data will be revised in next calendar releases in order to take into account updates in the data sources. Due to the exceptional situation, these revisions are expected to be larger than usual.

Reference period: First quarter 2020

Date of Issue: 26 June 2020

Next release: 2 October 2020

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