2020-06-27 07:00
publication
2020-06-27 07:00
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The epidemic has affected both consumption and saving behavior – pointed out by the Polish Institute of Economics. Analysts have estimated that the decline in income, associated with the suspension of activity in a significant part of the economy, will be conducive to increased savings.
As PIE pointed out, the situation of Polish households before the coronavirus pandemic was relatively good compared to other European countries.
“The epidemic has significantly affected both consumption and saving behavior of people around the world,” reads the latest issue of “Tygodnik Gospodarczego PIE”. Household debt in Poland decreased by PLN 4.1 billion, or 0.5 percent, to PLN 778.4 billion, the Institute said, citing NBP data.
PIE analysts have acknowledged that maintaining financial consumption is important for financial system stability. “It seems, however, that the decline in income, associated with the suspension of activity in a significant part of the economy, will be conducive to a further increase in savings as a precautionary effect,” they assessed.
According to a survey carried out by the Polish Bank Association, 60 percent surveyed bankers indicated that credit products are more popular than savings ones. According to OECD, Polish households occupy the fifth place from the end in terms of accumulated savings (expressed as a percentage of disposable income). Only Greece, Lithuania, Latvia and Portugal are worse.
Along with the decrease in savings, increasing debt of households has become increasingly common practice – PIE pointed out. He recalled the data of the Polish Bank Association, according to which in the years 2008-2018 Poles increased the value of loan commitments threefold.
PIE noted that the debt (expressed as a percentage of GDP) did not exceed 34-36% in Poland. after it grew from 30-32 percent during the financial crisis of 2007-2009. “In 2019 it amounted to 34.6 percent of GDP, which was one of the lowest levels in Europe” – emphasized PIE analysts, citing Eurostat data. Obligations include The Swedes at the same time amounted to 88.6%, and the Belgians 61.5%. In turn, according to OECD, the level of debt (expressed as a percentage of disposable income) in Poland amounted to 63 percent. against 282% in Denmark or 239 percent in the Netherlands. Given the Visegrad Group, only households in Hungary had a lower percentage of debt (42%). In the Czech Republic and Slovakia, the debt was higher and amounted to 70%, respectively. and 79 percent (PAP)
author: Magdalena Jarco
maja / skr /
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