The disposable income of Austrian households fell slightly in 2023 due to inflation. Although income rose by 7.6 percent in nominal terms, in real terms there was a decrease of 0.5 percent compared to the previous year, as Statistics Austria announced in a press release on Friday.
Inflation-adjusted private consumption fell by 0.3 percent in the same period, according to preliminary data. Meanwhile, the savings rate has also fallen slightly.
While Austria’s households put aside 9.2 percent of their disposable income in 2022, last year it was slightly less at 9 percent. This means that the proportion of income that is not used for consumption has recently leveled off again at around the pre-Corona level. In 2020, the Corona measures led to less consumer spending and thus to a savings rate of 13.2 percent. In 2021 it was 11.2 percent.
The disposable income of private households increased from EUR 250.3 billion in 2022 to EUR 269.4 billion – but this was offset by high inflation. Among the most important income categories, employee compensation increased nominally by 8.9 percent, monetary social benefits rose by 6.6 percent, and other transfers fell by 2.8 percent.
2024-03-29 12:16:14
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