Household savings rates drop in Europe

Oct. 29, 2013 at 12:28 PM

BRUSSELS, Oct. 29 (UPI) -- Household savings rates dropped in Europe in the second quarter, the European Commission's data agency said Tuesday.

The savings rate in the eurozone slipped from 13.1 percent in the first quarter to 12.8 percent in the second. In the European Union, the savings rate for households -- total savings as a percentage of disposable incomes -- fell from 11.1 percent to 10.7 percent.

Eurostat said household incomes rose 0.1 percent in the second quarter, while consumption increased 0.4 percent and household investment -- investment mainly in residential buildings -- fell 0.1 percent.

Household income also fell, however, when population is taken into account. Household income in the eurozone per capita fell 0.1 percent in the second quarter with the figure adjusted for inflation, Eurostat said.

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