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 first quarter of 2022 the GG deficit (net borrowing) to GDP ratio was -9.0%, (-12.8% in the same quarter of 2021).

The primary balance of the GG was -5.2%, from -9.4% in the first quarter of 2021.

The current balance of the GG was -5.3% (-8.2% in the first quarter of 2021).

The tax burden ratio was 38.4%, 0.5 percentage points higher than in the same quarter of the previous year.

Gross disposable income of consumer households increased with respect to the last quarter of 2021, by 2.6% in nominal terms and by 0.3% in real terms (+2.2% the increase of the implicit deflator of households consumption expenditure with respect to the fourth quarter of 2021)

The saving rate was 12.6%, with households consumption expenditure growth at 1.4% in nominal terms.

The profit share of non-financial corporations was 41.0%, 0.6 percentage points lower than in the previous quarter.

The investment rate of non-financial corporations was 24.1%, 0.9 percentage points higher than in the previous quarter.