The net financial wealth of Spanish families and companies (difference between savings and debts they have), it was reduced by almost 3% in 2018, since it went from 1.412 trillion euros in December of 2017 to 1,370 billion at the close of last year. According to the Financial Accounts published this Monday by the Bank of Spain, these net financial assets of households and non-profit institutions (NPISH) also decreased compared to the previous quarter, when they stood at 1,406 billion euros.
The same data highlights that the consolidated debt of companies and households and NPISH was 1.611 billion euros at the end of 2018, which represents 133.4% of gross domestic product (GDP) and is 5.7 percentage points lower than the ratio recorded year before. The consolidated debt of non-financial corporations represented 74.5% of GDP (if inter-company loans were excluded, the ratio would be 93.2%), while for households and NPISH, the percentage was 58.9% . In this way, the net financial assets of the families, which include the cash, stocks, deposits and income securities they own, stood at 2.152 billion euros, slightly below the 2.186 billion they had at the end of 2018 explains the Bank of Spain in a note. This reduction is the result of a net acquisition of financial assets of 22,000 million euros in 2018 and negative net revaluations of 57,000 million, mainly due to the fall in the price of variable income assets, the note adds.
In relation to GDP, the total financial assets of households and NPISHs represented 178.1% at the end of the fourth quarter of 2018, which means 9.3 percentage points less than a year earlier. The net financial operations of the resident sectors (companies, households, financial institutions and public administrations) registered, in 2018, a surplus of 18,000 euros, equivalent to 1.5% of GDP, compared to the 2.2% observed in the set of 2017. Companies obtained a positive balance (1.3% of GDP), as well as financial institutions (2.7%) and households (0.1%), while public administrations showed a deficit of 2%. , 6% of GDP.
By component, the bulk of the financial assets of households he was in cash and deposits, 41%, followed by shareholdings in the capital (25%); insurance and pension funds (17%) Y shares in investment funds (14%). Cash and deposits were the component that most increased its weight in financial assets of households (by 1.7 points) with respect to a year earlier, while the weight of the shares in the capital was the one that fell the most ( -2.3 points).