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STAT/09/62

30 April 2009

Sector Accounts: fourth quarter of 2008

Household saving rate 15.1% in the euro area and 12.2% in the EU27

Business investment rate 22.1% in the euro area and 22.8% in the EU27

In the fourth quarter of 2008, in both the euro area and the EU27, the seasonally adjusted household saving rate increased, while the household investment rate decreased. In both zones, businesses recorded a fall in investment rates and in profit shares.

These data come from a detailed set of quarterly European sector accounts1 released by Eurostat, the Statistical Office of the European Communities, and the European Central Bank (ECB).

Household saving rates up in both zones

In the fourth quarter of 2008, the seasonally adjusted2 gross saving rate3 of households was 12.2% in the EU274, compared with 10.8% in the third quarter of 2008. In the euro area5 (EA15), the household saving rate was 15.1% in the fourth quarter of 2008, compared with 14.1% in the previous quarter.

Household saving rate (seasonally adjusted, %)

[ Figures and graphics available in PDF and WORD PROCESSED ]

In the euro area, the household saving rate increased, since final consumption expenditure fell more (-1.3%) than disposable income (-0.3%).

Household disposable income and final consumption expenditure (euro area)

(nominal growth, seasonally adjusted data, % change compared to the previous quarter)

[ Figures and graphics available in PDF and WORD PROCESSED ]

Household investment rates down in both zones

In the EU27, the gross investment rate of households6 was 8.9% in the fourth quarter of 2008, compared with 9.6% in the third quarter of 2008. In the euro area, the household investment rate was 9.9% in the fourth quarter of 2008, compared with 10.4% in the previous quarter.

Household investment rate (seasonally adjusted, %)

[ Figures and graphics available in PDF and WORD PROCESSED ]

In the euro area, gross fixed capital formation (investment, mostly in dwellings) fell more steeply (-5.3%) than disposable income (-0.3%). This led to a decrease in the household investment rate, extending the downward trend that started in 2007.

Household gross disposable income and gross fixed capital formation (euro area)

(nominal growth, seasonally adjusted data, % change compared to the previous quarter)

[ Figures and graphics available in PDF and WORD PROCESSED ]

Business investment rates down in both zones

In the EU27, the gross investment rate7 of non-financial corporations was 22.8% in the fourth quarter of 2008, compared with 23.8% in the third quarter of 2008. In the euro area, the investment rate was 22.1% in the fourth quarter of 2008, compared with 23.8% in the previous quarter.

Investment rate of non-financial corporations (seasonally adjusted, %)

[ Figures and graphics available in PDF and WORD PROCESSED ]

In the euro area, the decrease in the gross investment rate of non-financial corporations was due to gross fixed capital formation (investment) falling more steeply (-9.0%) than value added (-2.2%).

Gross value added and gross fixed capital formation of non-financial corporations (euro area)

(nominal growth, seasonally adjusted data, % change compared to the previous quarter)

[ Figures and graphics available in PDF and WORD PROCESSED ]

Business profit shares down in both zones

In the EU27, the gross profit share8 of non-financial corporations was 37.5% in the fourth quarter of 2008, compared with 38.0% in the third quarter of 2008. In the euro area, the profit share was 37.6% in the fourth quarter of 2008, compared with 38.7% in the previous quarter.

Profit share of non-financial corporations (seasonally adjusted, %)

[ Figures and graphics available in PDF and WORD PROCESSED ]

In the euro area the gross profit share of non-financial corporations decreased, since compensation of employees (wage costs) plus net taxes on production fell less (-0.6%) than value added (-2.2%).

Gross value added and compensation of employees plus taxes less subsidies on production (euro area)

(nominal growth, seasonally adjusted data, % change compared to the previous quarter)

[ Figures and graphics available in PDF and WORD PROCESSED ]

  • 1. 
    Institutional sectors bring together economic units with broadly similar characteristics and behaviour, namely: households (including non-profit institutions serving households), non-financial corporations, financial corporations, government and the rest of the world.
  • 2. 
    Seasonal adjustment has been performed using the Tramo-Seats method. Euro area seasonally adjusted series are built up indirectly as the sum of seasonally adjusted components. On the contrary, as European Union series are affected by exchange rate movements, the EU ratios have been adjusted directly.
  • 3. 
    The gross saving rate of households is defined as gross saving divided by gross disposable income, with the latter being adjusted for the change in the net equity of households in pension funds reserves. Gross saving is the part of the gross disposable income which is not spent as final consumption expenditure. Therefore, saving rates increase when gross disposable income grows at a higher rate than final consumption expenditure.
  • 4. 
    The European Union (EU27) consists of 27 Member States: Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom plus the European Central Bank and the EU institutions.
  • 5. 
    The euro area (EA15) consisted of 15 Member States up to 31 December 2008: Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia and Finland plus the European Central Bank. From 1 January 2009, the euro area (EA16) also includes Slovakia. Data for EA16 will be published as of 30 July 2009 (first release of sector accounts for the first quarter of 2009).
  • 6. 
    The gross investment rate of households is defined as gross fixed capital formation divided by gross disposable income, with the latter being adjusted for the change in the net equity of households in pension funds reserves. Household investment mainly consists of the purchase and renovation of dwellings.
  • 7. 
    The gross investment rate of non-financial corporations is defined as gross fixed capital formation divided by gross value added. This ratio relates the investment of non-financial businesses in fixed assets (buildings, machinery etc.) to the value added created during the production process. The seasonally adjusted data published in this news release have been adjusted for one outlier found in national data, in the second quarter of 2005.
  • 8. 
    The profit share of non-financial corporations is defined as gross operating surplus divided by gross value added. This profitability-type indicator shows the share of the value added created during the production process remunerating capital. It is the complement of the share of wage costs (plus net taxes on production) in value added.

Methodological information

The compilation of the European sector accounts follows the European System of Accounts (ESA 95) and covers the period from the first quarter of 1999 to the fourth quarter of 2008. The European sector accounts are not a simple sum of the data of individual countries. There are six specific compilation steps: (1) conversion to euro, (2) estimation of missing countries, (3) incorporation of the European institutions, (4) estimation of the flows between the euro area / EU and third countries, (5) balancing of the accounts and (6) seasonal adjustment of key series.

Due to the conversion to euro, the growth rates of EU aggregates may be affected by movements in exchange rates and should be viewed with caution. For this reason, nominal growth rates (bar charts and tables 4 and 5) are provided for the euro area only. However, there is hardly any impact on ratios such as saving and investment rates or profit shares.

The rest of the world accounts, as compiled by Member States, record transactions between the national economy and all non-resident units, including those in other EU Member States. To measure the external transactions of the euro area / EU, it is necessary to remove cross-border flows within the area concerned. Imbalances between intra-imports and intra-exports, called “asymmetries”, are then eliminated. Currently, intra-flows and resulting asymmetries are not removed in the other domains of national accounts of Eurostat. Therefore, European sector accounts are internally consistent but have discrepancies with other national accounts data.

For the time being, the publication is limited to the European aggregates: the EA15 and the EU27, i.e. no quarterly individual country data are published by Eurostat.

For detailed data and methodology, please see Eurostat's website at: http://ec.europa.eu/eurostat/sectoraccounts and ECB's website at: http://www.ecb.eu/stats/acc/html/index.en.html. Eurostat's website also includes detailed annual sector accounts by country and derived key indicators.

Release and revision policy

The quarterly releases are published four months after each quarter. The next release will take place on 30 July 2009.

The whole time series are revised every quarter. Compared with News Release 14/2009 of 30 January 2009, the household saving rate for the third quarter of 2008 has been revised from 14.4% to 14.1% in the euro area and from 10.7% to 10.8% in the EU27. The business investment rate has been revised from 23.5% to 23.8% in the euro area and from 23.6% to 23.8% in the EU27.

The ECB and Eurostat are publishing integrated non-financial and financial accounts, including financial balance sheets, for the euro area. Eurostat is also publishing the non-financial accounts of the European Union.

 

Issued by:

Eurostat Press Office

Tim ALLEN

Tel: +352-4301-33 444

eurostat-pressoffice@ec.europa.eu

Eurostat news releases on the Internet:

http://ec.europa.eu/eurostat

For further information:

Denis LEYTHIENNE

Peeter LEETMAA

Hervé RENNIÉ

Tel: +352-4301-33 493

Tel: +352-4301-34 558

estat-sector-query@ec.europa.eu

Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators

Table 1: Key indicators of the euro area (EA15)

 
 

Households

Non-financial corporations

Saving rate, %

Investment rate, %

Profit share, %

Investment rate, %

Not seasonally adjusted

Seasonally adjusted

Not seasonally adjusted

Seasonally adjusted

Not seasonally adjusted

Seasonally adjusted

Not seasonally adjusted

Seasonally adjusted

1999

Q1

14.2

15.4

9.8

9.9

40.3

37.6

22.0

21.9

Q2

17.1

14.7

10.2

10.1

37.1

37.5

23.3

22.4

Q3

12.8

14.1

10.4

10.1

39.0

37.6

22.4

22.6

Q4

13.2

13.6

9.9

10.1

34.4

37.8

22.1

22.8

2000

Q1

11.9

13.3

10.1

10.2

40.2

37.6

23.3

23.1

Q2

15.8

13.2

10.3

10.2

37.2

37.6

24.1

23.1

Q3

12.7

13.8

10.3

10.0

39.1

37.7

22.8

23.2

Q4

13.6

13.8

9.8

9.9

34.6

38.0

22.4

23.0

2001

Q1

12.7

14.2

9.6

9.7

41.1

38.5

23.0

22.8

Q2

16.9

13.9

9.7

9.7

38.0

38.3

23.5

22.5

Q3

13.2

14.4

9.7

9.5

39.6

38.2

21.9

22.2

Q4

14.1

14.6

9.5

9.5

34.6

37.8

21.5

22.1

2002

Q1

13.3

14.7

9.4

9.5

40.2

37.7

21.8

21.8

Q2

18.2

15.0

9.4

9.4

37.9

38.2

22.6

21.6

Q3

13.0

14.6

9.7

9.5

39.7

38.4

21.1

21.4

Q4

14.5

14.8

9.4

9.5

34.9

38.2

20.9

21.4

2003

Q1

13.5

15.0

9.3

9.4

40.9

38.2

21.3

21.3

Q2

17.9

14.8

9.5

9.5

37.4

37.8

22.2

21.3

Q3

12.6

14.5

9.8

9.6

39.7

38.3

20.8

21.1

Q4

14.1

14.4

9.6

9.6

35.0

38.4

20.6

21.2

2004

Q1

13.3

14.8

9.4

9.6

41.2

38.5

21.2

21.3

Q2

17.9

14.6

9.6

9.6

38.0

38.6

22.2

21.2

Q3

12.4

14.6

10.0

9.7

40.2

38.7

21.2

21.4

Q4

14.2

14.3

9.8

9.8

35.5

38.8

20.6

21.3

2005

Q1

12.8

14.1

9.6

9.8

40.6

38.0

21.5

21.7

Q2

17.6

14.2

9.9

10.0

38.4

39.1

22.8

21.8

Q3

11.3

14.0

10.4

10.1

40.4

38.8

21.9

22.1

Q4

14.1

13.9

10.2

10.2

36.1

39.0

21.7

22.3

2006

Q1

12.0

13.5

10.2

10.4

41.4

38.9

22.7

22.5

Q2

17.4

13.8

10.4

10.5

37.8

38.8

23.6

22.6

Q3

11.0

13.6

11.0

10.7

40.6

39.0

22.3

22.7

Q4

14.1

13.8

10.9

10.8

36.5

39.2

22.1

22.8

2007

Q1

12.6

14.1

10.7

10.9

41.6

39.2

23.6

23.2

Q2

17.7

13.9

10.7

10.8

38.1

39.1

24.1

23.2

Q3

10.9

13.6

11.1

10.9

41.1

39.4

22.7

23.2

Q4

13.9

14.0

10.8

10.7

36.6

39.2

22.8

23.5

2008

Q1

12.5

13.7

10.6

10.6

41.2

39.1

23.8

23.4

Q2

17.9

14.1

10.4

10.5

38.5

39.3

24.6

23.6

Q3

11.4

14.1

10.6

10.4

40.4

38.7

23.1

23.8

Q4

14.8

15.1

9.9

9.9

35.1

37.6

21.5

22.1

Table 2: Key indicators of the European Union (EU27)

 
 

Households

Non-financial corporations

Saving rate, %

Investment rate*, %

Profit share, %

Investment rate, %

Not seasonally adjusted

Seasonally adjusted

Not seasonally adjusted

Seasonally adjusted

Not seasonally adjusted

Seasonally adjusted

Not seasonally adjusted

Seasonally adjusted

1999

Q1

11.5

12.8

9.0

9.0

38.5

37.1

22.3

22.4

Q2

15.2

12.4

9.0

9.1

36.6

37.1

23.2

22.6

Q3

10.5

11.8

9.3

9.1

37.9

37.0

22.6

22.8

Q4

11.2

11.3

9.0

9.1

35.5

37.3

22.6

22.8

2000

Q1

9.6

11.0

9.1

9.2

38.5

37.1

22.8

23.0

Q2

13.8

11.1

9.1

9.1

36.4

36.9

23.7

23.1

Q3

10.4

11.6

9.2

9.0

37.9

36.9

22.8

23.1

Q4

11.9

11.9

8.7

8.8

35.2

37.0

23.0

23.1

2001

Q1

10.9

12.3

8.6

8.7

38.6

37.2

22.8

22.9

Q2

15.0

12.1

8.7

8.7

36.6

37.1

23.3

22.7

Q3

11.1

12.5

8.9

8.7

37.9

36.9

22.0

22.4

Q4

12.4

12.4

8.6

8.6

34.6

36.5

22.1

22.2

2002

Q1

10.6

12.1

8.5

8.6

37.7

36.4

21.9

22.1

Q2

15.7

12.5

8.6

8.7

36.6

37.1

22.6

21.9

Q3

10.4

12.1

8.8

8.6

37.8

36.8

21.3

21.7

Q4

12.0

12.1

8.8

8.8

35.0

36.9

21.6

21.7

2003

Q1

10.8

12.3

8.6

8.7

38.6

37.3

21.2

21.5

Q2

15.5

12.2

8.7

8.8

36.3

36.8

22.0

21.4

Q3

10.1

12.0

9.1

8.9

38.2

37.1

20.9

21.2

Q4

11.9

11.9

9.0

9.0

35.2

37.1

21.1

21.2

2004

Q1

10.4

11.8

9.0

9.2

39.0

37.7

20.8

21.1

Q2

15.0

11.6

9.1

9.2

37.1

37.6

21.8

21.1

Q3

9.8

11.8

9.3

9.1

38.9

37.9

21.1

21.2

Q4

11.6

11.5

9.3

9.2

36.0

37.8

20.9

21.2

2005

Q1

10.2

11.7

9.0

9.2

38.8

37.5

21.1

21.4

Q2

15.1

11.5

9.2

9.3

37.7

38.3

23.9

21.6

Q3

9.1

11.4

9.7

9.5

39.3

38.2

21.9

22.1

Q4

11.8

11.6

9.5

9.5

36.5

38.2

22.0

22.4

2006

Q1

9.6

11.2

9.5

9.7

39.7

38.5

22.7

22.6

Q2

15.0

11.3

9.7

9.8

37.5

38.1

23.7

22.9

Q3

8.6

11.1

10.3

10.0

39.6

38.4

22.2

22.6

Q4

11.4

11.1

10.2

10.2

37.1

38.8

22.4

22.8

2007

Q1

9.3

11.0

10.2

10.3

39.7

38.5

23.0

23.1

Q2

14.6

10.8

10.0

10.2

37.6

38.3

23.6

22.9

Q3

8.2

10.6

10.4

10.2

39.9

38.7

23.1

23.4

Q4

11.0

10.7

10.2

10.1

37.4

39.0

23.4

23.5

2008

Q1

8.6

10.5

9.9

9.9

39.4

38.3

23.4

23.5

Q2

14.7

10.8

9.6

9.8

37.8

38.4

24.4

23.8

Q3

8.4

10.8

9.7

9.6

39.2

38.0

23.5

23.8

Q4

12.5

12.2

9.0

8.9

35.8

37.5

22.6

22.8

Table 3: Household gross disposable income and its components, final consumption expenditure

and gross fixed capital formation, in the euro area (EA15)

(Millions of euro at current prices, seasonally adjusted)

 
 

Gross disposable income

Final consumption expenditure

Gross fixed capital formation

Compensation of employees

(received)

Gross operating surplus and mixed income

Net property income and other current transfers

Net social benefits*

Taxes (-)

Total*

1999

Q1

772178

255109

180715

8885

150084

1066803

902656

105956

Q2

783279

258143

179806

8421

157064

1072586

914874

107973

Q3

793596

260949

182134

8022

161061

1083640

930435

109860

Q4

804525

264616

184247

7827

165515

1095700

946592

111150

2000

Q1

814765

267229

187419

5801

169971

1105242

958570

113241

Q2

824552

270863

189790

4846

169354

1120697

972314

113761

Q3

835207

274589

192590

5150

167919

1139618

982299

114391

Q4

844519

277623

192935

4187

166486

1152779

993813

114493

2001

Q1

853625

281600

200446

8235

170707

1173199

1006057

113944

Q2

862167

284187

199316

7042

172525

1180186

1016431

114122

Q3

870301

287095

199199

8012

169978

1194629

1022218

113751

Q4

878221

289561

201244

8620

174809

1202837

1026933

114275

2002

Q1

886427

292597

192965

11232

171645

1211577

1033184

114874

Q2

892695

295434

195377

13714

174236

1222984

1039788

115282

Q3

898344

298094

194116

14779

176350

1228982

1049247

116452

Q4

904453

300379

198181

17031

175530

1244515

1060169

117638

2003

Q1

909109

301563

202511

14197

172492

1254888

1067173

118412

Q2

915493

303895

198841

16038

172764

1261503

1075115

120055

Q3

924425

306304

199992

17774

177146

1271349

1087222

121506

Q4

929265

309299

200268

19196

180490

1277538

1093730

122847

2004

Q1

936922

312802

205745

18825

174881

1299413

1107403

125201

Q2

943371

316065

206052

19309

177231

1307566

1116666

126083

Q3

947596

319523

206540

18703

176640

1315722

1123621

127718

Q4

954335

322315

209155

18760

178314

1326250

1136611

129986

2005

Q1

961117

325405

210950

20208

183607

1334073

1146596

130894

Q2

968201

328968

216947

21073

182540

1352649

1161210

134725

Q3

977028

331951

222110

19948

186126

1364910

1174442

137466

Q4

988989

335976

222405

17728

187336

1377762

1186269

140214

2006

Q1

997136

341567

226193

18101

196796

1386201

1199595

144362

Q2

1009239

346165

228735

17972

195573

1406538

1211879

147909

Q3

1020159

351849

228859

14116

198317

1416668

1223751

151561

Q4

1028444

358188

232614

14408

201545

1432109

1233984

154935

2007

Q1

1041151

362504

234401

13245

205503

1445798

1242381

157126

Q2

1052725

367795

237075

10950

209576

1458970

1255769

158265

Q3

1064195

372988

235310

11911

215834

1468571

1269385

159390

Q4

1077324

378010

242216

12647

219368

1490829

1281587

159717

2008

Q1

1089734

382371

239757

11727

220770

1502820

1296580

160024

Q2

1100863

385561

244627

12615

222923

1520742

1306450

159814

Q3

1112479

387800

242632

15002

223129

1534784

1317787

159461

Q4

1109277

388943

239107

14467

220873

1530922

1300436

151058

  • Including net adjustment for the change in net equity of households in pension funds reserves.

Table 4: Household gross disposable income and its components, final consumption expenditure

and its deflator and gross fixed capital formation, in the euro area (EA15)

(seasonally adjusted, percentage change compared to the previous quarter)

 
 

Nominal growth of the components

of gross disposable income

Contribution** of the components to nominal growth of gross disposable income

Nominal growth of

gross disposable income*

Nominal growth of

final consumption expenditure

Growth of the deflator of

final consumption expenditure***

Nominal growth of

gross fixed capital formation

 

Compensation of employees (received)

Gross operating surplus and mixed income

Net property income and other current transfers

Net social benefits*

Taxes (-)

Compensation of employees (received)

Gross operating surplus and mixed income

Net property income and other current transfers

Net social benefits*

Taxes

1999

Q1

:

:

:

:

:

:

:

:

:

:

:

:

:

:

Q2

1.4

1.2

-0.5

-5.2

4.7

1.0

0.3

-0.1

0.0

-0.7

0.5

1.4

0.4

1.9

Q3

1.3

1.1

1.3

-4.7

2.5

1.0

0.3

0.2

0.0

-0.4

1.0

1.7

0.3

1.7

Q4

1.4

1.4

1.2

-2.4

2.8

1.0

0.3

0.2

0.0

-0.4

1.1

1.7

0.5

1.2

2000

Q1

1.3

1.0

1.7

-25.9

2.7

0.9

0.2

0.3

-0.2

-0.4

0.9

1.3

0.8

1.9

Q2

1.2

1.4

1.3

-16.5

-0.4

0.9

0.3

0.2

-0.1

0.1

1.4

1.4

0.5

0.5

Q3

1.3

1.4

1.5

6.3

-0.8

1.0

0.3

0.2

0.0

0.1

1.7

1.0

0.8

0.6

Q4

1.1

1.1

0.2

-18.7

-0.9

0.8

0.3

0.0

-0.1

0.1

1.2

1.2

0.7

0.1

2001

Q1

1.1

1.4

3.9

96.7

2.5

0.8

0.3

0.7

0.4

-0.4

1.8

1.2

0.3

-0.5

Q2

1.0

0.9

-0.6

-14.5

1.1

0.7

0.2

-0.1

-0.1

-0.2

0.6

1.0

0.8

0.2

Q3

0.9

1.0

-0.1

13.8

-1.5

0.7

0.2

0.0

0.1

0.2

1.2

0.6

0.4

-0.3

Q4

0.9

0.9

1.0

7.6

2.8

0.7

0.2

0.2

0.1

-0.4

0.7

0.5

0.4

0.5

2002

Q1

0.9

1.0

-4.1

30.3

-1.8

0.7

0.3

-0.7

0.2

0.3

0.7

0.6

0.5

0.5

Q2

0.7

1.0

1.3

22.1

1.5

0.5

0.2

0.2

0.2

-0.2

0.9

0.6

0.5

0.4

Q3

0.6

0.9

-0.6

7.8

1.2

0.5

0.2

-0.1

0.1

-0.2

0.5

0.9

0.4

1.0

Q4

0.7

0.8

2.1

15.2

-0.5

0.5

0.2

0.3

0.2

0.1

1.3

1.0

0.5

1.0

2003

Q1

0.5

0.4

2.2

-16.6

-1.7

0.4

0.1

0.3

-0.2

0.2

0.8

0.7

0.9

0.7

Q2

0.7

0.8

-1.8

13.0

0.2

0.5

0.2

-0.3

0.1

0.0

0.5

0.7

0.2

1.4

Q3

1.0

0.8

0.6

10.8

2.5

0.7

0.2

0.1

0.1

-0.3

0.8

1.1

0.5

1.2

Q4

0.5

1.0

0.1

8.0

1.9

0.4

0.2

0.0

0.1

-0.3

0.5

0.6

0.5

1.1

2004

Q1

0.8

1.1

2.7

-1.9

-3.1

0.6

0.3

0.4

0.0

0.4

1.7

1.3

0.5

1.9

Q2

0.7

1.0

0.1

2.6

1.3

0.5

0.3

0.0

0.0

-0.2

0.6

0.8

0.7

0.7

Q3

0.4

1.1

0.2

-3.1

-0.3

0.3

0.3

0.0

0.0

0.0

0.6

0.6

0.5

1.3

Q4

0.7

0.9

1.3

0.3

0.9

0.5

0.2

0.2

0.0

-0.1

0.8

1.2

0.4

1.8

2005

Q1

0.7

1.0

0.9

7.7

3.0

0.5

0.2

0.1

0.1

-0.4

0.6

0.9

0.4

0.7

Q2

0.7

1.1

2.8

4.3

-0.6

0.5

0.3

0.4

0.1

0.1

1.4

1.3

0.6

2.9

Q3

0.9

0.9

2.4

-5.3

2.0

0.7

0.2

0.4

-0.1

-0.3

0.9

1.1

0.7

2.0

Q4

1.2

1.2

0.1

-11.1

0.6

0.9

0.3

0.0

-0.2

-0.1

0.9

1.0

0.6

2.0

2006

Q1

0.8

1.7

1.7

2.1

5.1

0.6

0.4

0.3

0.0

-0.7

0.6

1.1

0.5

3.0

Q2

1.2

1.3

1.1

-0.7

-0.6

0.9

0.3

0.2

0.0

0.1

1.5

1.0

0.6

2.5

Q3

1.1

1.6

0.1

-21.5

1.4

0.8

0.4

0.0

-0.3

-0.2

0.7

1.0

0.5

2.5

Q4

0.8

1.8

1.6

2.1

1.6

0.6

0.4

0.3

0.0

-0.2

1.1

0.8

0.2

2.2

2007

Q1

1.2

1.2

0.8

-8.1

2.0

0.9

0.3

0.1

-0.1

-0.3

1.0

0.7

0.6

1.4

Q2

1.1

1.5

1.1

-17.3

2.0

0.8

0.4

0.2

-0.2

-0.3

0.9

1.1

0.6

0.7

Q3

1.1

1.4

-0.7

8.8

3.0

0.8

0.4

-0.1

0.1

-0.4

0.7

1.1

0.6

0.7

Q4

1.2

1.3

2.9

6.2

1.6

0.9

0.3

0.5

0.1

-0.2

1.5

1.0

1.0

0.2

2008

Q1

1.2

1.2

-1.0

-7.3

0.6

0.8

0.3

-0.2

-0.1

-0.1

0.8

1.2

0.7

0.2

Q2

1.0

0.8

2.0

7.6

1.0

0.7

0.2

0.3

0.1

-0.1

1.2

0.8

0.9

-0.1

Q3

1.1

0.6

-0.8

18.9

0.1

0.8

0.1

-0.1

0.2

0.0

0.9

0.9

0.8

-0.2

Q4

-0.3

0.3

-1.5

-3.6

-1.0

-0.2

0.1

-0.2

0.0

0.1

-0.3

-1.3

-0.5

-5.3

  • Including net adjustment for the change in net equity of households in pension funds reserves.

** The contribution of a component ("C") to the growth of an aggregate ("A") is equal to the product of the growth rate of this component by its weight in the aggregate at the previous period: ((Ct-Ct-1)/Ct-1) * (Ct-1/At-1) or simply (Ct-Ct-1)/At-1.

*** Deflator for the seasonally adjusted final consumption expenditure of households (including non-profit institutions serving households).

Table 5: Gross operating surplus, its components, and gross fixed capital formation

of non-financial corporations, in the euro area (EA15)

(Seasonally adjusted)

 
 

Millions of euro at current prices

% change compared to the previous quarter

Gross value added

Compensation of employees (paid)

Other taxes less subsidies on production

Gross operating surplus

Gross fixed capital formation

Gross value added

Compensation of employees and other taxes less subsidies on production

Gross operating surplus

Gross fixed capital formation

Total

Of which Compensation of employees

1999

Q1

794491

483881

11724

298887

174274

:

:

:

:

:

Q2

806306

491653

12188

302465

180264

1.5

1.7

1.6

1.2

3.4

Q3

819702

499110

12746

307847

185653

1.7

1.6

1.5

1.8

3.0

Q4

835616

506794

13186

315637

190320

1.9

1.6

1.5

2.5

2.5

2000

Q1

845798

514078

13758

317962

195166

1.2

1.5

1.4

0.7

2.5

Q2

857247

521310

13855

322082

198276

1.4

1.4

1.4

1.3

1.6

Q3

869977

528352

13708

327917

201592

1.5

1.3

1.4

1.8

1.7

Q4

885227

534994

13800

336433

203901

1.8

1.2

1.3

2.6

1.1

2001

Q1

902861

541514

13572

347774

205599

2.0

1.1

1.2

3.4

0.8

Q2

909758

546913

13966

348879

204625

0.8

1.0

1.0

0.3

-0.5

Q3

916773

552684

13883

350205

203713

0.8

1.0

1.1

0.4

-0.4

Q4

918356

556993

14002

347361

202669

0.2

0.8

0.8

-0.8

-0.5

2002

Q1

924707

561584

14644

348479

201682

0.7

0.9

0.8

0.3

-0.5

Q2

937824

565256

14156

358413

202668

1.4

0.6

0.7

2.9

0.5

Q3

945836

568533

14442

362861

202479

0.9

0.6

0.6

1.2

-0.1

Q4

949190

572271

14160

362759

203184

0.4

0.6

0.7

0.0

0.3

2003

Q1

952720

575093

13998

363629

202969

0.4

0.5

0.5

0.2

-0.1

Q2

954948

579553

13980

361414

203459

0.2

0.8

0.8

-0.6

0.2

Q3

968994

583643

14511

370840

204465

1.5

0.8

0.7

2.6

0.5

Q4

978839

587866

14962

376011

207253

1.0

0.8

0.7

1.4

1.4

2004

Q1

988004

592713

14934

380357

210047

0.9

0.8

0.8

1.2

1.3

Q2

998679

596744

15971

385965

211529

1.1

0.8

0.7

1.5

0.7

Q3

1006328

600711

16361

389257

215313

0.8

0.7

0.7

0.9

1.8

Q4

1017785

605213

17533

395039

216990

1.1

0.9

0.7

1.5

0.8

2005

Q1

1011463

609157

18414

383893

219249

-0.6

0.8

0.7

-2.8

1.0

Q2

1039442

614111

18719

406613

226403

2.8

0.8

0.8

5.9

3.3

Q3

1045096

619983

19530

405584

230618

0.5

1.1

1.0

-0.3

1.9

Q4

1055702

625956

17761

411984

235547

1.0

0.7

1.0

1.6

2.1

2006

Q1

1066247

633404

18306

414537

240155

1.0

1.2

1.2

0.6

2.0

Q2

1078214

640466

19255

418493

244087

1.1

1.2

1.1

1.0

1.6

Q3

1094135

648088

19736

426311

248590

1.5

1.2

1.2

1.9

1.8

Q4

1110254

656070

19303

434881

252965

1.5

1.1

1.2

2.0

1.8

2007

Q1

1124269

663159

20084

441027

260784

1.3

1.2

1.1

1.4

3.1

Q2

1137860

672344

20631

444885

263455

1.2

1.4

1.4

0.9

1.0

Q3

1156457

679847

20745

455864

268687

1.6

1.1

1.1

2.5

2.0

Q4

1165961

687806

20968

457188

273647

0.8

1.2

1.2

0.3

1.8

2008

Q1

1178398

696328

21014

461056

276082

1.1

1.2

1.2

0.8

0.9

Q2

1192369

703060

20896

468412

280860

1.2

0.9

1.0

1.6

1.7

Q3

1193489

710915

21012

461562

283781

0.1

1.1

1.1

-1.5

1.0

Q4

1167025

707116

20760

439149

258103

-2.2

-0.6

-0.5

-4.9

-9.0