2010年-ECB欧洲央行_Integrated_euro_area_accounts_for_the_first_quarter_of_2010_6页_307kb

Box 5 Summary: Integrated Euro Area Accounts for the First Quarter of 2010

Core Content

The Integrated Euro Area Accounts for the first quarter of 2010 reveal a continued trend of normalization across the euro area institutional sectors. This is reflected in declining household saving rates, recovery of risk appetite, and rising net worth. The non-financial corporate sector (NFCs) showed a financial surplus, driven by increased internal funds and strong export performance, while the government sector continued to experience a net borrowing position, albeit with a moderated deficit.

Main Points

1. Income and Net Lending/Net Borrowing

• Euro area nominal disposable income showed a positive yearly growth of 1%, driven by NFCs' operating surpluses.
• Household nominal income growth slowed, partially due to increased taxation and lower contributions from net social benefits.
• Net lending/net borrowing improved to a deficit of 0.6% of GDP, mainly due to NFCs turning into a surplus and government deficit worsening.

2. Savings and Capital Formation

• Gross saving continued to decline, but at a slower pace (annual rate of change of -1.7%).
• Household saving rate fell to 14.6%, the third consecutive quarter of decline.
• NFC gross capital formation improved, decreasing from -21% to -2.6% of GDP, due to slower inventory reductions.
• Government gross savings contracted further to -3.9% of GDP, reflecting fiscal consolidation and tax increases.

3. Sectoral Financial Balances

• NFCs shifted to net lending on a four-quarter basis due to higher savings than capital investment.
• Financial corporations saw modest positive growth in gross entrepreneurial income, driven by net interest received and holding gains.
• Government continued to borrow heavily, with a budget balance deficit of 6.6% of GDP.

4. Financial Investment and Portfolio Allocation

• Household financial investment stabilized, with equity and non-money market mutual funds gaining traction over low-yielding deposits.
• NFCs increased equity purchases and non-money market mutual fund shares, while selling equity.
• ICPFs (Institutional Credit Providers and Investors) significantly increased acquisitions of public debt, reaching €77 billion.
• MFI (Money Financial Institutions) deposits with non-residents and holdings of debt securities continued to grow, albeit at a slower pace.

5. Financial Markets Dynamics

• NFCs remained net sellers of equity, with investment funds as prominent buyers.
• Mutual funds saw a strong acceleration in issuance, reflecting increased demand for riskier and longer-term assets.
• Loans to households increased moderately, while MFI loans to NFCs decreased.
• The rest of the world remained a net buyer of euro area debt securities, though at a reduced scale compared to the previous quarter.

Key Information

• Household saving rate: 14.6% (seasonally adjusted), down from the previous quarter.
• NFCs' gross operating surplus: 4.1% annual growth, reflecting strong exports and cost savings.
• Government budget deficit: 6.6% of GDP, continuing a nine-quarter deterioration.
• Financial investment growth: 2.7% for financial corporations, up from 2.2% in the previous quarter.
• Equity to financial assets ratio: Stabilized at 8.8%, indicating a renewed search for yield.
• Debt-to-gross value added ratio: Stabilized at 165%, showing high corporate leverage.
• Debt-to-equity ratio: Stabilized at 70%, reflecting ongoing deleveraging.

Conclusion

The first quarter of 2010 marked a gradual return to normalcy in the euro area, with households showing reduced saving and increased consumption, NFCs shifting to net lending, and governments continuing to borrow. Financial markets reflected a recovery in risk appetite and portfolio reallocation, with a preference for equity and non-money market mutual funds. Despite these improvements, uncertainty and high leverage remain significant factors influencing economic and financial behavior.