A new insight on the household saving rate during the COVID-19 pandemic is now available on the Euro Area Statistics portal.
The saving rate increased almost twofold in the euro area, reaching 25% of income in the second quarter of 2020, compared with a saving rate of approximately 12-13% before 2020. Although an increase in saving is not an atypical phenomenon during crises, the magnitude of this increase is unusual, and is a result of the accumulation of funds due to the restrictions placed on spending activities (i.e. forced saving).
