Portugal with the third biggest drop by PROTESTE INVEST
According to Eurostat, the European statistics office, in the first quarter of 2022 the economy rate increased by 0.1 percentage points in the Euro Zone and 0.2 pp in the European Union, compared to the previous quarter. Thus, in that period the savings rate was 15% Euro Zone (orange line on the chart) and 14.6% in the European Union (from 21.5% and 20.7%, respectively, a year ago). In fact, these pandemic values even below the same period before the 2020 quarter were: 17% in the Eurozone and 15.8% in the European Union. In Portugal, a savings tax dropped to 8.3% (blue line on the chart).
Savings rate: Eurozone versus Portugal
Source: Eurostat and INE
In a context, with the consequent rise in inflation, Eurostat refers to the increase in rates of increase in increases in 7 of the 14 Member States, with the largest increases recorded in Denmark (+5.1 pp), in the war (+ 2.9 pp) and in Finland (+1.2 pp).
On the other hand, the savings rate fell in 7 Member States, with the biggest drops recorded in Austria-5.2 pp), Spain (-2.1 pp) and Portugal (-1.4 pp).
Thus, similar to INE statistics, savings values in Portugal are decreasing and approaching the values recorded before the pandemic.
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