Household savings rate increases by 0.6 percentage points in the 2nd quarter.

Household saving rate increased to 9.8% in the 2nd quarter.

The savings rate of Portuguese families increased by 0.6 percentage points in the second quarter of the year, compared to the previous quarter, to 9.8% of available income.

“This performance was consequence of the 2.2% increase in GDI [gross disposable income] (2.4% in the previous quarter), higher than the 1.4% growth in private consumption” - data from the National Institute of Statistics (INE), as reported by Notícias ao Minuto. It also indicates that this is a nominal variation, with the evolution of private consumption being “marked by price growth”.

If calculated in real terms (taking into account the effect of inflation), "private consumption increased by 0.7% in the year ended in the second quarter of 2024".

The statistics office also indicates that the nominal GDP 'per capita' of households reached 17.7 thousand euros in the 2nd quarter of 2024, representing an increase of 1.9% from the previous quarter.

In addition, the 'per capita' remuneration totaled 12.5 thousand euros, up 2.0% from the previous quarter.  

Overall, this increase in savings boosted families' financing capacity, reaching 3.4% of GDP in the second quarter of 2024.  

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