Austrian households saved 11.7% of their disposable income last year, data from Statistics Austria has found.
This is a three-percentage-point increase on the previous year’s saving rate (8.7%), and also well-above the pre-pandemic rate of 8.0% between 2010 and 2019.
“Major uncertainties have increased the propensity of Austrian households to save,” commented Statistics Austria director general Tobias Thomas.
The increase in savings comes despite a 3.5% increase in real disposable income, while price-adjusted private consumption has remained almost unchanged, increasing by only 0.1%.
Total disposable income
The total disposable income of private households and non-profit institutions serving households reached €285.7 billion in Austria last year, the data showed, compared to €267.5 billion the previous year. This nominal increase of 6.8% was partially offset by inflation.
Among the main income sources, employee compensation rose by 8.5%, and monetary social benefits increased by 10.3%, with adjustments for wages, salaries, and pensions contributing to these changes. Other transfers increased by 8.6%, while mixed income, operating surplus, and property income declined by 4.2%. Social contributions paid by households increased by 7.7%, and income taxes rose by 7.4% compared to 2023.
In real terms, disposable income increased by 3.5% in 2024, reversing a decline of 0.5% recorded in 2023. Real private consumption, however, saw a small increase of 0.1% following a 0.5% decrease in the previous year.
“Taking inflation into account, households in Austria had 3.5% more income available in 2024 than in the previous year, although private consumption barely grew at +0.1% in real terms,” Thomas added.
Austria’s gross domestic product (GDP) stood at €481.9 billion in 2024, reflecting a nominal increase of 1.8% compared to 2023. However, in real terms, GDP contracted by 1.2%, following a 1.0% decline in 2023, Statistics Austria noted. Read more here.
