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Unusually high Swedish household savings rate
Monday, 21 May 2012
Financial savings of Swedish households amounted to Skr 31 billion
during the first quarter. This is an unusually high figure for a first
quarter. The increase in debts has continued to slow down and
households continued to save in bank accounts.
Statistics Sweden (SCB) in a recent study write on Monday that as
usual, a large part of households' assets were from insurance savings,
that comprise one-third of households' total assets. Insurance savings
increased by Skr40 billion, but this is somewhat lower than in the
first quarters of recent years. Since 2008 when wealth taxation was
abolished, households' bank savings have been at a lower level during
the first quarter compared the other quarters of the year.
During the first quarter households' holdings in bank accounts
increased by Skr 9 billion. This was an unusually large inflow, and the
increase was the largest during a first quarter since wealth taxation
During the first three months of this year, households continued to
take out new loans at a higher rate than they paid off their loans, SCB
continues. This led to an increase in loans of Skr 27 billion.
However, the increase in loans was the lowest in eight years. Above
all, households' increase in loans continued to decrease with housing
credit institutions. During the first quarter households' loans with
housing credit institutions increased by Skr11 billion. The total
annual growth rate increase for all types of loans is now at 5 percent.
In 2008 the growth rate increase was 10 percent.
News source, Statistic Sweden / Scancomark.se
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