In the four quarters to Q2 2025, euro area net saving increased to €861 billion, up from €857 billion in the previous quarter, while net non-financial investment rose to €545 billion, driven mainly by non-financial corporations (NFCs). Net lending to the rest of the world declined to €348 billion, reflecting slower growth in saving relative to investment. General government net borrowing decreased to €442 billion, less negatively impacting overall net lending.
Households increased financial investment at 2.6% annual growth, with higher purchases of shares, life insurance, and pension schemes, while investment in debt securities turned negative. The household debt-to-income ratio fell to 81.5%, and debt-to-GDP to 50.9%, continuing a downward trend.
Non-financial corporations maintained broadly stable financing growth (1.6%), with slower loan and equity financing but faster debt securities and trade credit financing. Their consolidated debt-to-GDP ratio decreased to 66.3%.
The data reflect revisions and completed data for all sectors since the first release on 7 October 2025, showing an overall moderate improvement in financial stability for households and NFCs in the euro area.
