Last year, real income per capita in households in the European Union fell for the first time since 2013. The EU’s statistical office, Eurostat, reported that this value fell by 0.8 percent across the EU and by 0.9 percent in the euro area. The nominal income growth of 6.3 percent was accompanied by inflation of 7.2 percent.
There were significant differences across countries and regions. Different social groups also experience the changing situation differently.
Germany is the European champion in saving. Poles are making a significant mistake
Eurostat also reported that savings in private households also decreased in 2022: EU citizens saved on average 12.7 percent of their available income, which is significantly less than in 2021 (16.4 percent) and 2020 (18.5 percent), but still more than in all other years since 2010. The high savings rate in 2020 and 2021 is explained by limited opportunities to spend money during the coronavirus pandemic.
In Poland and Greece, however, the savings rate turned out to be negative: citizens there spent statistically 0.8 and 4 percent more, respectively, than their income.
Germans managed to save the largest part of their income – 19.9 percent. The Dutch came second (19.4 percent) and the Luxembourgers third (18.1 percent).
Source: Gazeta
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