Euro area economic and financial developments by institutional sector: first quarter of 2025

Total euro area economy

Euro area net saving decreased to €799 billion (6.5% of euro area net disposable income) in the four quarters to the first quarter of 2025 compared with €813 billion in the four quarters to the previous quarter. Euro area net non-financial investment was broadly unchanged at €441 billion (3.6% of net disposable income), due to broadly unchanged net investment of all sectors (see Chart 1 and Table 1 in the Annex).

Euro area net lending to the rest of the world decreased to €388 billion (from €401 billion previously) reflecting the decreased net saving and broadly unchanged net non-financial investment. Nonfinancial corporations’ net lending decreased to €130 billion (1.1% of net disposable income) from €156 billion, while that of households increased to €598 billion (4.9% of net disposable income) from €588 billion. Financial corporations’ net lending (€123 billion, 1.0% of net disposable income) and general government net borrowing were broadly unchanged, the latter contributing negatively to euro area net lending (-€463 billion, -3.8% of net disposable income).