The net wealth of families rises 4.8% in the first quarter of 2022 and their debt moderates to 57% of GDP
The net financial wealth of Spanish families and non-profit institutions serving households (NPISH) stood at 1.89 trillion euros in the first quarter, which represents an increase of 4.8% in the interannual rate, according to the financial accounts published by the Bank of Spain this Monday, which also reflect a slight increase in household debt in absolute terms, although it moderated to 57% of GDP --compared to 62.7% in March 2021 --.
Unemployment fell by 42,409 people in June and the record for indefinite contracts was broken again with 783,595
Know more
The figure for the net financial assets of families at the end of the first quarter is equivalent to 153.6% of GDP, a ratio that was 9.1 points lower than that of a year earlier, since the increase in GDP was greater than that of that wealth.
The total balance of financial assets (cash, shares, deposits and rental securities) of households and NPISHs reached maximum levels of 2.65 trillion euros in the first quarter, 3.9% more than a year earlier and a figure equivalent to 214.9% of GDP.
This rebound reflects the net acquisition of financial assets, which amounted to 80,300 million euros in the last year, concentrated in deposits and, to a lesser extent, in equity and investment fund shares, to which was added a revaluation of €19.1 billion.
By component, the bulk of household financial assets was held in cash and deposits (40% of the total), followed by shares in capital (28%), shares in investment funds (15%) and insurance and funds of pensions (14%).
Specifically, the component of participations in investment funds was the one that increased its weight the most in the financial assets of households (by 0.6 percentage points) compared to a year earlier, while the weight of insurance and mutual funds pensions fell (-1.2 percentage points).
For its part, the consolidated debt of companies and households and NPISHs reached 1.66 trillion euros in the first quarter of the year, 0.3% more in year-on-year comparison, although it moderated 134.7% of GDP , compared to 149.1% in March 2021, although it is still above the 130.2% in March 2020.
The consolidated debt of non-financial corporations remained stable, from 960.9 billion in March 2021 to 960.4 billion in March 2022. In terms of GDP, it fell to 77.7%, compared to 86.4% in March of 2021.
On the other hand, the debt of households and NPISHs went from 697,600 million in March 2021 to 703,900 million in the same quarter of 2022. The ratio over GDP decreased to 57%, a similar percentage to that of the same period of 2020, compared to to 62.7% in March 2021.
The accumulated net operations in the last four quarters, corresponding to the consolidated financing received by companies and households and NPISHs, was 20,500 million euros, continuing the decrease of the last quarters, in terms of GDP, to 1.7 %
In net terms, non-financial corporations raised new financing equivalent to 0.9% of GDP, after experiencing higher percentages throughout the pandemic period, and households and NPISHs for 0.8% of GDP .
