People save money because many things are forbidden or very difficult, such as going abroad or many recreational activities. In some cases, however they save out of caution, because they do not know whether they will need theirs urgently in the future moneyif they lose, for example square – the newspaper writes.
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An eye on the world. EU budget for 2021-2027. Poland may lose billions
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German savings are growing
Michael Stappel of DZ Bank, commissioned by FAZ, conducted an analysis which showed that the private household savings rate – the share of disposable income not used for consumption purposes – was higher than usual in the first three months of the year and amounted to 12.9%. Normally it is about 11 percent. In the second quarter, the share grew to 20.5%. – it’s the highest value in a long time. Now the savings rate is falling again – in the third quarter it has dropped to 13.5%. – but remains above the previous year’s value.
Germany is likely to leave an additional 100 billion this year euro on their accounts, the bank economist DZ Stappel estimates. Commerzbank chief economist is a bit more careful, but thanks to the additional savings coronavirus estimated at around EUR 90 billion.
The savings of the Germans will help the economy recover from the crisis
Commerzbank believes there is a lot of money in the accounts, which could accelerate the economic recovery next year.
The partial release of coronavirus savings is the main reason why we expect economic growth to be higher in 2021 than most economists. We assumed that people would not spend even half of the savings earned in the crown. However, given the amount of savings, this is enough to give growth much more momentum
Commerzbank economist Joerg Kramer says. During the holiday season Germany however, they are likely to be slightly less frugal than in the previous part of 2020. The German trade association expects Christmas sales to reach nearly 104 billion euros this year. It’s about 1.2 percent. more than last year. (PAP, bml / kgod /)
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