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 a higher annual rate of 3.3% in the fourth quarter of 2025 (after 2.9% in the previous quarter). Compensation of employees grew at a lower rate of 4.2% (after 4.6%), and gross operating surplus and mixed income of the self-employed increased at a lower rate of 2.1% (after 2.4%). Household consumption expenditure grew at a higher rate of 3.6% (after 3.1%).
The household gross saving rate remained at 14.9% in the fourth quarter of 2025, unchanged from the previous quarter.
Household gross non-financial investment (which refers mainly to housing) increased at a higher rate of 7.1% (after 4.6% in the previous quarter). Loans to households, the main component of household financing, grew at a higher rate of 2.7% (after 2.5%).
Household financial investment increased at an unchanged rate of 2.5% in the fourth quarter of 2025. Among its components, currency and deposits (3.0%, after 3.2%) as well as investment in shares and other equity (2.0%, after 2.3%) grew at lower rates, while investments in debt securities (2.7%, after 0.5%) and in life insurance (2.6%, after 2.3%) increased at higher rates. Investment in pension schemes grew at an unchanged rate (2.6%).
Household net worth grew at an unchanged annual rate of 4.7% in the fourth quarter of 2025. The growth in net worth was due to continued valuation gains in financial and non-financial assets in addition to new net investments. Housing wealth, the main component of non-financial assets, grew at a lower rate (4.6%, after 5.1%). The household debt-to-income ratio decreased to 81.3% in the fourth quarter of 2025, from 81.7% in the fourth quarter of 2024.
