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Households' saving rate was negative in the first quarter of 2023

release 21/06/2023 | Quarterly sector accounts 2023, 1st quarter

Households’ seasonally adjusted saving rate remained on level with the previous quarter in January to March. In January to March, the saving rate was -1.8 per cent. Consumption expenditure, which is directly affected by high inflation, grew in relative terms more than disposable income. Households’ investment rate decreased slightly from the previous quarter. These data derive from Statistics Finland’s quarterly sector accounts.

The line chart describes the seasonally adjusted development of four indicators starting from 2010.
The profit share of non-financial corporations was around 29 per cent in the first quarter of 2010, after which the profit share has varied between 24 and 33 per cent in 2010 to 2023. In the first quarter of the year, the profit share of non-financial corporations is on level with 2010 at 29 per cent.
The investment rate of non-financial corporations was around 28 per cent in the first quarter of 2010, after which it has varied between 25 and 30 per cent. In the first quarter of 2023, the investment rate is 29 per cent.
In the first quarter of 2010, households’ investment rate was around 12 per cent, from which it has slowly risen to 13 per cent in the first quarter of 2023.
Households’ saving rate was around six per cent in the first quarter of 2010, from which it fell below 0 per cent over the next few years. Until 2020, the development varied on both sides of 0 per cent, until in 2020 it rose strongly to almost 10 per cent. In the first quarter of 2023, the saving rate was -1.8 per cent.

Key selections

The seasonally adjusted profit share of non-financial corporations decreased by -1.8 percentage points from the previous quarter and stood at 29.2 per cent. The investment rate of non-financial corporations remained on level with the previous quarter, at 29.3 per cent.
Seasonally adjusted value added of financial and insurance corporations grew by 1.2 per cent and operating surplus increased by 1.4 per cent compared with the previous quarter.
Consolidated total general government revenue at current prices increased by EUR 2.4 billion and consolidated total expenditure by EUR 2.2 billion compared to the quarter one year ago.
Households' adjusted disposable income grew at current prices by 5.6 per cent and adjusted for price changes it decreased by –1.7 per cent compared to the quarter one year ago.
Exports of goods and services at current prices increased by 6.1 per cent and imports contracted by 0.2 per cent from the quarter one year ago.

Statistics used in the release

Quarterly sector accounts

Data revisions

See key statistical data in the tables.

21/06/2023

Revisions in these Statistics

	1st release (%)	Latest release (%)	Revision (%-points)
Non-financial corporations (S11) profit share	2022Q1	31,2	30,2	-0,9
2022Q2	35,6	30,7	-4,9
2022Q3	32,5	29,7	-2,8
2022Q4	31,2	31,0	-0,2
Non-financial corporations (S11) investment rate	2022Q1	26,7	28,0	1,3
2022Q2	26,0	29,3	3,3
2022Q3	26,6	29,5	3,0
2022Q4	29,8	29,3	-0,4
Household (S14) saving rate	2022Q1	1,6	2,1	0,5
2022Q2	-2,5	-0,9	1,6
2022Q3	-3,5	-1,8	1,7
2022Q4	-3,5	-1,8	1,7
Household (S14) investment rate	2022Q1	15,3	14,2	-1,1
2022Q2	14,8	13,8	-0,9
2022Q3	15,6	13,9	-1,6
2022Q4	14,5	13,5	-1,0