Quarterly non-financial sector accounts

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

The Quarterly non-financial GG account is consistent with the annual GG account transmitted to Eurostat on March 29 within the Notification process in application of the Excessive Deficit Procedure (EDP). A revised version of the GG account for the years 2017 and 2018 embodying changes in the definition of the GG sector – already agreed with Eurostat – will be transmitted to the European authorities on April 8 and will be disseminated at the national level the following day (April 9).

In the forth quarter 2018 the GG deficit (net borrowing) to GDP ratio was 2.0% (1.9% in the same quarter of 2017). The primary balance of the GG was positive and its ratio to GDP was 1.7% (1.9% in the same quarter of 2017).

The tax burden ratio was 48,8% of GDP, 2 percentage points higher than in the same quarter of the previous year.

In the fourth quarter of 2018 real disposable income of Consumer households decreased by 0.2% and 0.5% in nominal and real terms, respectively.

In the fourth quarter of 2018, Households consumption expenditures increased by 0.5% in nominal terms and the gross saving rate was 7.6%, 0.6 percent points lower than in the previous quarter.

In the fourth quarter of 2018, the gross profit share of Non-financial corporations was 4%, 0.3 percent points higher than in the previous quarter.

In the fourth quarter of 2018, the gross investment rate of Non-financial corporations was 9%, 0.1 percent points higher than in the third quarter.