The

financial

wealth

of

Spanish families

, which is measured by the difference between the savings they hoard and the debts they have, rose in the middle of the

coronavirus

pandemic

to 1.63 trillion euros at the end of the first quarter, 8.6% more than a year before.

According to the

Financial Accounts of the Spanish economy for

the first quarter published this Monday by the Bank of Spain, in relation to GDP, net financial assets represented 147%, a ratio that is 25.2 percentage points higher than a year earlier also due to the decline in the economy.

Household financial assets -

cash, stocks, deposits and rental securities -

continued to exceed two trillion euros at the end of the first quarter, specifically 2.388 trillion, 5.4% more than a year earlier.

The

Bank of Spain

explains that this increase was the result of a net acquisition of financial assets of

82,900 million in the last year

, to which was added a revaluation of them of 39,100 million, which was concentrated especially in the first quarter of 2021 .

The bulk of financial assets of Spanish households was at the end of the first quarter in cash and deposits, which accounted for 42% of the total, followed by equity investments (24%), insurance and pension funds (16%) and participations in investment funds (15%).

Investments

in

mutual funds

was the component that most increased its weight in household financial assets, 1.9 percentage points, while the weight of equity

investments

was the one that fell the most, 2.9 percentage points.

INCREASES THE DEBT OF COMPANIES AND HOUSEHOLDS

The consolidated debt of non-financial corporations and households reached 1,661 trillion euros at the end of the first quarter, 149.3% of GDP, and 3.1% more than a year earlier.

The debt of

non-financial corporations increased from 906,000 million to 963,000 million

, which represents 86.6% of GDP, although if the debt between companies is included, the ratio rises to 109.7%;

in the case of households, however, the debt decreased from 705,000 million to 698,000 million, 62.8% of GDP.

All in all, until the first quarter of 2021 and in cumulative terms of the last four quarters, the net financial operations of families and companies presented a surplus of 10,700 million euros, equivalent to 1% of GDP, compared to 2.6% observed a year earlier.

According to the criteria of The Trust Project

Know more

  • economy

The new crisis of the 'brick': the 'rally' of raw materials increases the risk of abandonment of works due to the rise in costs

Renewable EnergiesCiudad Real launches Kappa, Repsol's first photovoltaic complex

EncuentroEL MUNDO analyzes the challenges of the agri-food sector

See links of interest

  • Last News

  • Holidays 2021

  • Home THE WORLD TODAY

  • Podcast Economia

  • Stage 15 of the Tour, live: Céret - Andorra la Vella

  • Novak Djokovic - Matteo Berrettini, live

  • Italy - England, live