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.

In the second quarter of 2020 the GG net borrowing to GDP ratio was 10.3% (0.0% in the same quarter of 2019).

The GG primary balance was negative, with a ratio to GDP at -5.9% (+4.1% in the second quarter of 2019). The GG current balance was also negative, with a ratio to GDP at -6.3% (+3.3% in the second quarter of 2019).

The tax burden is estimated at 43.2%, 1.8 percentage points higher than the same quarter of 2019 despite the marked decrease in taxes and social security contributions.

Gross disposable income of consumer households decreased in nominal terms by 5.8% with respect to the previous quarter, while final consumption expenditure decreased by 11.5% in nominal terms.

The saving rate was 18.6%, 5.3 percentage points higher than in the previous quarter.

Gross disposable income of Consumer households in real terms decreased by 5.6%.

The profit share of non-financial corporations was 39.0%, 2.0 percentage points lower than in the previous quarter. The investment rate of non-financial corporations was 22.1% (21.1%in the first quarter).

Sector accounts estimates presented in this press-release are partially affected by 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, (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 circumstance, these revisions are expected to be larger than usual.