Quarterly non-financial sector accounts

Data presented in this press release are derived from Quarterly non-financial accounts by institutional sector (QSA), that include Quarterly non-financial General government account. QSA are estimated at current prices and expressed in millions of euro. Data for Consumer households and Non-financial corporations are presented in seasonally adjusted form. Data for the General government are not seasonally adjusted.

General government account

In the second quarter of 2018 total expenditures for General government decreased by 1.2% while total revenues grew by 2.2 compared with the same quarter of the previous year. The trend in expenditure results by an increase in current expenditure (+2.2%) and a fall in capital expenditures (-30.0%).The growth of total revenues results from an increase in current revenues (+2.3%) and a decrease in total capital revenues (-17.2%).

The General government deficit (net borrowing) to GDP ratio was -0.5% in the second quarter of 2018, compared with the -2.1% in the second quarter of 2018. The tax burden ratio stood at 40.8% of GDP, 0.6 percentage points lower than the same quarter of the previous year.

Consumer households

In the second quarter of 2018 gross disposable income of Consumer households increased by 1.3% with respect to the previous quarter and final consumption expenditure by 0.1%. Compared with the second quarter of 2017 gross disposable income of Consumer households raised by 2.9% and final consumption expenditure by 1.7%. Gross disposable income of Consumer households measured in real terms increased by 1.2% compared with the previous quarter, and by 2.0% compared with the second quarter of 2017.

The gross saving rate of Consumer households (defined as gross saving divided by gross disposable income, the latter being adjusted for the change in the net equity of households in pension funds reserves) was 8.6%, compared with 7.5% in the previous quarter and in the second quarter of 2017.

The gross investment rate of Consumer households (defined as gross fixed capital formation divided by gross disposable income) was 5.9% in the second quarter of 2018, unchanged with respect to the previous quarter (5.9%) and 0.1 percentage points higher compared to the same quarter of 2017 (5.8%).

Non-financial corporations

The gross profit share of Non-financial corporations (defined as gross operating surplus divided by gross value added) was 42.2% in the second quarter of 2018 compared to 42.3% in the previous quarter and 42.9% in the second quarter of 2017.

Gross investment rate of Non-financial corporations (defined as gross fixed capital formation divided by gross value added) was 21.9% in the second quarter of 2018, compared with 21.4% in the previous quarter and with 21.0% in the second quarter of 2017.