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 account transmitted to Eurostat on March 31 within the Notification process in application of the Excessive Deficit Procedure (EDP). The latter presents small revisions for year 2020 with respect to that published on March 1.

In the fourth quarter of 2020 the GG net lending(+)/borrowing(-) to GDP ratio was -5.2%, with a sharp fall compared to the same quarter of 2019 (+9%).

The GG primary balance to GDP ratio was -1.9% (+5.2% in the fourth quarter of 2019). The GG current balance to GDP ratio was +1.5%, compared to +5.6% in the fourth quarter of 2019.

The tax burden ratio stood at 52.0% of GDP, 1.3 percentage points higher than the same quarter of the previous year.

Gross disposable income of Consumer households decreased by 1.8% with respect to the previous quarter, while their final consumption expenditure decreased by 2.5%.

Gross disposalble income of Consumer households decreased by 1% in real terms.

The saving rate of Consumer households was 15.2%, 0.5 percentage points higher than in the previous quarter.

The profit share of Non-financial corporations was 43.6%, stable compared the previous quarter.

The investment rate of Non-financial corporations was 21.6%, 0.6 percentage points higher than in the previous quarter.