Eurostat - Impact of COVID-19 on household consumption and savings

10 November 2020 |

In the second quarter of 2020, the EU household saving rate recorded its highest year-over-year increase since the time series began at +10.8 percentage points (pp).

The main reason behind this was a marked 17.3% year-on-year decline in household final consumption expenditure. This drop in household final consumption expenditure was in stark contrast with the decrease of 1.8% in the last quarter and recent increases in excess of 2%.

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