- Households’ financial investment increased at an annual rate of growth of 2.2% in fourth quarter of 2022, after 2.5% in third quarter
- Non-financial corporations’ financing grew at an annual rate of 2.1%, after 3.2%
- Non-financial corporations’ gross operating surplus increased at an annual rate of 10.9%, after 8.9%
Data for household financing and financial and non-financial investment
Data for NFC gross-operating surplus, non-financial investment and financing
Households
Household gross disposable income increased at an annual rate of growth of 8.2% in the fourth quarter of 2022 (after 7.2% in the previous quarter). Compensation of employees grew at a higher rate of 6.8% (after 5.9%), and gross operating surplus and mixed income of the self-employed increased at a higher rate of 7.0% (after 5.8%). Household consumption expenditure grew at an unchanged rate of 9.6%.
The household gross saving rate in the fourth quarter of 2022 was 14.0%, compared with 14.3% in the previous quarter.
Household gross non-financial investment (which refers mainly to housing) increased at an annual growth rate of 5.1% in the fourth quarter of 2022, after 10.9% in the previous quarter. Loans to households, the main component of household financing, increased at a lower rate of 3.7% (after 4.2%).
Household financial investment grew at an annual growth rate of 2.2% in the fourth quarter of 2022, after 2.5% in the previous quarter. Among its components, currency and deposits increased at a lower rate of 3.7% (after 4.0%), and shares and other equity also grew at a lower rate of 0.4% (after 1.4%). Pension schemes increased at a lower rate of 1.1% (after 2.1%), while life insurance grew at a higher rate of 1.6% (after 1.2%). Investment in debt securities increased at a higher rate of 19.5% (after 7.4%).
Household net worth grew at an annual rate of 1.6% in the fourth quarter of 2022, after 3.1% in the previous quarter. The deceleration was mainly due to housing wealth, the main component of non-financial assets, which grew at a lower rate of 6.8% (after 9.2%). The household debt-to-income ratio decreased to 93.0% in the fourth quarter of 2022 from 95.8% in the fourth quarter of 2021.
Non-financial corporations
Net value added by NFCs increased at an annual growth rate of 9.4% in the fourth quarter of 2022, after 8.6% in the previous quarter. Gross operating surplus grew at an annual rate of 10.9%, after 8.9% in the previous quarter, while net property income (defined in this context as property income receivable minus interest and rent payable) grew by 15.6%, after 21.5%. As a result gross entrepreneurial income (broadly equivalent to cash flow) increased at a lower rate of 9.1%, after 9.8%.1
NFCs’ gross non-financial investment increased at an annual rate of 5.8% in the fourth quarter of 2022, after 30.3% in the previous quarter (in the third quarter a large acquisition of intellectual property products was recorded).2 NFCs’ financial investment grew at an annual rate of 3.2%, compared with 4.6% in the previous quarter. Among its components, loans granted increased at a lower rate of 3.5% (after 4.8%), and investment in shares and other equity grew at a lower rate of 1.9% (after 2.9%).
Financing of NFCs increased at a lower annual rate of 2.1% (after 3.2%), reflecting lower growth rates of financing via loans3 (4.4% after 6.0%), shares and other equity (1.0% after 1.5%), trade credits (4.2% after 7.4%) and debt securities (1.3% after 3.2%).
NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 74.8% in the fourth quarter of 2022, from 79.1% in the same quarter of the previous year; the non-consolidated, wider debt measure decreased to 136.5% from 142.4%.
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