Data for household financing and financial and non-financial investment
Households
Household gross disposable income increased at a lower annual growth rate of 3.0% in the first quarter of 2026 (after 3.3% in the previous quarter). Gross operating surplus and mixed income of the self-employed grew at a higher rate of 2.5% (after 2.3%), while the compensation of employees grew at a lower rate of 4.0% (after 4.3%). Household consumption expenditure increased at an unchanged rate of 3.6%. As a result, the household gross saving rate in the first quarter of 2026 was 14.5%, compared with 14.7% in the previous quarter.
Household gross non-financial investment (which refers mainly to housing) increased at a lower annual rate of 4.3% in the first quarter of 2026 (after 6.7% in the previous quarter). Loans to households, the main component of household financing, grew at a broadly unchanged rate of 2.9%.
Household financial investment increased at a higher annual rate of 2.8% in the first quarter of 2026 (after 2.6% in the previous quarter), driven by the accelerated growth for pension schemes (5.1%, after 2.6%) and debt securities (3.8%, after 3.1%). Currency and deposits (3.0%), shares and other equity (1.8%) and life insurance (2.6%) all grew at broadly unchanged rates.
Household net worth increased at a lower annual rate of 3.9% in the first quarter of 2026 (after 4.9% in the previous quarter). The slower growth was mainly due to a lower growth in valuation of non-financial assets. Housing wealth, the main component of non-financial assets, grew at a lower rate (3.3%, after 4.6%). The household debt-to-income ratio was broadly unchanged at 81.0% in the first quarter of 2026 compared to the first quarter of 2025.
