Since the pandemic, family and business savings have increased by 18.9%
MADRID, 27 Jul. (EUROPA PRESS) –
The set of deposits of households and companies resident in Spain stood at 1,312 billion euros in June, which represents an increase of 1.28% compared to the previous month and 5.62% compared to a year ago, according to Provisional data from the Bank of Spain.
Family savings chained ten consecutive months of increases and grew by 1.07% between May and June, reaching 994.9 billion euros, while the increase was 5.64% compared to June 2021.
For their part, company deposits increased by 1.95% in the month and stood at 317,500 million euros. Compared to a year earlier, corporate deposits increased by 5.55%.
The deposits of all residents in Spain were placed at 1,632.9 billion euros in the sixth month of the year, which represents an increase of 1.17% compared to the previous month and 3.02% compared to a year before.
The amount of deposits from residents in Spain plus those abroad exceeded 1.7 trillion euros in June, which represents a monthly increase of 1.77% and a year-on-year increase of 4.68% .
Companies and families shot up their savings after the outbreak of the coronavirus pandemic in March 2020, as a result of the restrictions to contain and spread the disease and greater prudence in the face of the uncertainty generated.
As explained by the Bank of Spain in its latest annual report, the household savings rate remained above its pre-pandemic level in 2021, despite the gradual decrease in uncertainty about the health situation and the progressive lifting restrictions, possibly due to a “precautionary” component, in a context in which uncertainty has remained high.
So far in 2022, the volume of deposits has continued to increase, in a context marked by the war between Ukraine and Russia, escalating inflation and fears of an economic slowdown.
According to data compiled by Europa Press, deposits from companies and households were 18.90% higher in June than in February 2020, before the outbreak of Covid-19, which represents an increase of 208,665 million euros.
The bulk of the savings since the pandemic began has been concentrated by families, who have seen their deposits grow by 142,938 million euros, 16.77% more. On their side, company deposits are 26.10% higher than pre-pandemic levels, with an increase of 65,727 million euros.
