May 10, 2021

Families skyrocket their savings in 2020 to 14.8%, its highest value since 1999


MADRID

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In 2020, Spanish households placed their savings rate at 14.8% of their disposable income, a rate 8.5 points higher than in 2019 and the highest of the whole series, started in 1999, as reported this Wednesday by the National Institute of Statistics (INE).

Spanish families, affected by mobility limitations, home confinement and capacity restrictions due to the pandemic, saved a total of 108,844 million euros in the year of the Covid, after lower your disposable income by 3.3%, up to 739,585 million euros, and reduce its consumer spending by 12%, to 628,198 million.

The savings generated by households was enough to finance the sector’s investment (35,680 million euros), so its financing capacity amounted to 72,989 million euros, 23 times more than in 2019 (3,130 million euros). In 2020 the Spanish economy showed a financing capacity of 12,421 million euros, a figure that is equivalent to 1.1% of GDP and which is the lowest since 2012.

The Public Administrations, for their part, showed a financing need in 2020 of 123,072 million euros, a figure that multiplies by more than three that of 2019 (+ 245.3%).

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