The savings rate of Spanish households stood at 14.8% of their disposable income in 2020, 8.5 points above that of 2019 and the highest in the entire series, which began in 1999, as a result of the restrictions applied to stop the advance of the coronavirus.
Mobility limitations, home confinement and capacity restrictions led households to save 108,844 million euros (126.6% more) despite the decrease in their disposable income by 3.3%, up to 739,585 million euros, and reduce its consumption spending by 12%, to 628,198 million, according to data published this Wednesday by the National Institute of Statistics (INE).
The savings generated by households was enough to finance investment in the sector (35,680 million euros), so its financing capacity amounted to 72,989 million euros, 23 times more or 2,231.9% more than in 2019 (3,130 millions of euros).
In 2020 the Spanish economy showed a financing capacity of 12,421 million euros, a figure that is equivalent to 1.1% of GDP and is the lowest since 2012.
In the fourth quarter of 2020, Spanish households spent less than they received, which led their savings rate to stand at 19% of their disposable income, compared to 11.7% in the same quarter of 2019. Specifically , according to statistics, household savings reached 37,713 million euros in the last quarter of the year, above the 24,116 million in the same period of 2019 (+56.4%), after placing their disposable income at 199,008 million ( -3.4%) and its consumer spending at 160,881 million (-11.2%).
Eliminating seasonal and calendar effects, the household savings rate reached 10.6% in the fourth quarter of last year, below the 12.5% registered in the third quarter.
The financing capacity of the Spanish economy was the lowest since 2012
In 2020 the Spanish economy showed a financing capacity of 12,421 million euros, a figure that is equivalent to 1.1% of GDP and which is the lowest since 2012. Specifically, it is more than 18,000 million euros less than in 2019, when the financing capacity of the Spanish economy compared to the rest of the world amounted to 30,625 million euros, 2.5% of GDP.
This result that reflects the INE comes from the financing capacity registered by households, financial institutions and non-financial companies, compared to public administrations, which presented a deficit of 123,072 million euros last year, a figure 3.4 times higher than that of 2019.
In the last quarter of 2020, the Spanish economy registered a financing capacity of 6,479 million euros, 2.2% of GDP, below the 10,291 million of 2019. Eliminating seasonal and calendar effects, the national economy registered between October and December a financing capacity of 0.8% of GDP, five tenths less than in the previous quarter.
Regarding the gross national income of the economy, the data suggest that it stood at 1,126,812 million euros in 2020 as a whole, 9.6% below that of 2019, while the gross national disposable income amounted to 1,112,371 million euros, 9.8% less than in the previous year.
Public administrations were the only ones that registered a deficit in 2020
According to this statistic, public administrations were the only ones that registered a deficit in 2020. Households had a financing capacity of 72,989 million euros, 23 times higher than in 2019, while financial institutions registered a financing capacity of 35,546 million euros (+21.2%).
For their part, non-financial companies had a financing capacity of 26,958 million euros in 2020, a figure 20.2% lower than the 33,808 million euros of 2019.
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