Salient Points
- Households’ gross disposable income per capita increased by 4.2 per cent in 2025, while real gross disposable income per capita rose by 4.5 per cent.
- Households’ final consumption expenditure increased by 5.2 per cent in nominal terms and 5.5 per cent in real terms, while real consumption expenditure per capita grew by 3.2 per cent.
- Gross households’ savings reached €2.5 billion in 2025, raising the gross households’ saving rate to 19.2 per cent of gross disposable income, up by 1.0 percentage point over 2024.
- Households recorded net lending of €2.1 billion in 2025, compared with €1.8 billion in the previous year.
Commentary
The GDP estimates have been revised in line with the regular revision cycle, mainly reflecting the integration of the 2021 and 2022 Supply and Use Tables, partial results from the 2024 Structural Business Statistics survey, updated administrative data, recommendations from GNI and EDP verification processes, and an enhanced FISIM deflator methodology. More information available in the press information notice published on 17 August 2026.
Households’ disposable Income, consumption and savings
Households’ gross disposable income per capita at current prices increased by 4.2 per cent in 2025, compared with 11.6 per cent in 2024. Real households’ gross disposable income per capita, which excludes the impact of inflation, increased by 4.5 per cent in 2025 compared with 7.9 per cent in 2024. Real households’ adjusted gross disposable income per capita, which includes individual goods and services received free of charge from government and Non-Profit Institutions Serving Households (NPISH), referred to as social transfers in kind, increased by 4.4 per cent in 2025, compared with 8.0 per cent in 2024 (Table 5).
Households’ final consumption expenditure in 2025 was estimated at €10,695 million, representing an increase of 5.2 per cent in nominal terms (Table 1) and 5.5 per cent in real terms, compared with increases of 9.2 per cent and 5.6 per cent, respectively, in 2024. The slower growth in nominal households’ consumption expenditure partly reflects developments in Financial Intermediation Services Indirectly Measured (FISIM). Compared to 2024, the value of FISIM allocated to households declined by €231 million, reducing the level and growth of households’ final consumption expenditure. As FISIM is reflected in both households’ income and households’ final consumption expenditure, the corresponding effects offset each other, resulting in a neutral impact on household saving. On a per capita basis, households’ final consumption expenditure increased by 2.9 per cent in nominal terms and by 3.2 per cent in real terms (Table 5).
Chart 1 compares the annual growth rates of gross disposable income per capita, adjusted gross disposable income per capita, and final consumption expenditure per capita in real terms. In 2025, growth in real final consumption expenditure per capita increased, while both income indicators continued to grow at a slower pace, reflecting weaker growth in compensation of employees, net property income, and net social contributions and benefits.
In 2025, gross households’ savings were estimated at €2,542 million (Table 1). The gross households’ saving rate stood at 19.2 per cent of gross disposable income, 1.0 percentage point higher than the rate recorded in the previous year (Table 5). The increase in savings reflected the stronger growth in gross disposable income (6.4 per cent) relative to the households’ final consumption expenditure (5.2 per cent) (Table 1).
Household investment reached €976 million in 2025, compared with €918 million in the previous year (Table 1). The household investment rate remained broadly stable at 7.4 per cent of gross disposable income, edging down slightly from 2024 (Table 5).
After accounting for the balance of capital transfers, households recorded a net lending of €2,143 million up from €1,771 million in 2024 (Table 1).
For further technical information, go to the Analysis Tab.
Tables
- xlsx Table 1. Households (S14) 35.30 KB
- xlsx Table 2. Gross operating surplus (B2g) plus gross mixed income (B3g) of the household sector by industry 17.81 KB
- xlsx Table 3. Compensation of employees paid by the household sector by industry 17.21 KB
- xlsx Table 4. Property income received and paid by the household sector by counterparty 40.21 KB
- xlsx Table 5. Key economic indicators of the household sector 25.38 KB
- xlsx All Tables 94.59 KB
Definitions of the terms used in these tables are available in the Glossary
Methodological Notes
1. The objective of the annual non-financial accounts for the institutional sectors (ASA) is to analyse the economic relationships between the institutional units that form the national economy (non-financial corporations (S.11), financial corporations (S.12), general government (S.13), households (S.14) and non-profit institutions serving households (S.15)) and between them and the rest of the world in an ordered series of accounts that describe each phase of economic process (production and creation of income, distribution and redistribution, final consumption, savings and asset accumulation). These results are prepared in compliance with the conceptual and regulatory framework established by the European System of National and Regional Accounts (ESA 2010), approved by the Regulation (EU) 549/2013, of the European Parliament and of the Council, of 21 May. More information on the sequence of non-financial account is available in ESA 2010, Chapter 8.
2. Households consists of individuals or groups of individuals mainly engaged in consumption activities, including those producing goods and non-financial services solely for their own final use. Own final use relates to services of owner-occupied dwellings, and domestic services produced by payable employees. The household sector also covers sole proprietorships and unincorporated partnerships that are market producers, except those treated as quasi-corporations.
3. In February 2025, the National Statistics Office (NSO), published the Non-financial Annual Sector Accounts (ASA) Inventory. It aims to provide a comprehensive overview of the national compilation procedures of annual non-financial accounts by institutional sector according to ESA 2010. An updated version as at October 2026 is now available.
4. The results are disseminated online 90 days following the end of the reference year (t+90 days, t being the reference year). These results are consistent with the quarterly non-financial accounts for the institutional sectors compiled at t+85 following the end of the reference year (t being the reference quarter). In the case of Malta, quarterly non-financial accounts are only compiled for S.1, S.2 and S.13. The rest of the sectors are voluntary for countries whose GDP at current prices represents less than 1 per cent of the corresponding union total. The 1 per cent threshold is calculated as a moving average based on the latest three available years. The quarterly non-financial accounts for the institutional sectors dataset is available online. This calendar is compatible with the requirements for availability of national accounts results established by Regulation (EU) 549/2013 on the European System of National and Regional Accounts 2010.
5. Data in this news release are consistent with the Gross Domestic Product: Q2/2026 news release published on 27 August 2026 and Annual Non-Financial Accounts by Institutional Sectors: 2021-2025 news release published on 22 October 2026. Data should be considered provisional from 2023 onwards.
6. Compared to the previous release which covered reference years 1995 to 2024, the following enhancements have been done:
• Change in the methodology applied to transfers into and out of pension funds. “Transfers in” are recorded as D.61 (D.75 in the case of non-resident clients), while “transfers out” are now recorded as D.62 (D.75 in the case of non-resident clients). The treatment is neutral in the non-financial accounts (B.9 = 0), as transactions recorded under D.61 uses are offset by corresponding transactions under D.8 resources. The methodology has been further refined to incorporate the recording of transfers out under D.62 and D.75 for resident and non-resident clients, respectively. Reference years 2012–2020 will be updated as part of the next benchmark revision.
• Inclusion of intra-household transfers under other current transfers (D.75), using EU-SILC data, from reference year 2021 onwards. This treatment increases the level of D.75 transactions but is neutral with respect to gross saving and net lending/net borrowing. Reference years 1995–2020 will be updated as part of the next benchmark revision.
7. A more detailed breakdown of annual non-financial accounts by the institutional sectors and by variable are available online.
8. Calculations are performed using the full underlying values prior to rounding. Figures presented in this news release are rounded for publication purposes. Consequently, calculations based on the published figures may differ slightly from the reported results. Any such differences are attributable solely to rounding and do not represent inconsistencies in the underlying data or calculations.
9. References to this news release are to be cited appropriately. For guidance on access and re-use of data please visit our dedicated webpage.
10. More information relating to this news release may be accessed at:
More insights into the Household Sector: 2025
Gross value added generated by the household sector increased by 2.9 per cent in 2025 compared with 14.1 per cent in 2024, contributing to 0.4 percentage points to the economy’s overall nominal growth of 6.0 per cent. This led to a 2.4 per cent increase in gross operating surplus and mixed income, down from 14.0 per cent in the previous year (Table 1). The moderation in growth was mainly attributed to a 6.8 per cent decline in gross operating surplus of owner-occupied and leased dwellings within Real Estate Activities (L_B2g), which made the largest negative contribution to the overall growth (Table 2).
Mixed income, which represents the income earned by self-employed persons and unincorporated businesses such as sole proprietorships and partnerships, increased by 9.9 per cent in 2025. As shown in Chart 3, the strongest positive contributions to the growth in gross operating surplus and mixed income originated from Wholesale and retail trade, Transportation and storage, and Accommodation and food service activities (G to I), followed by Professional, scientific and technical activities and Administrative and support service activities (M to N), Public administration, Education, Human health and social work activities (O to Q), Agriculture, forestry and fishing (A) and Other service activities (R to U), partly offsetting the substantial negative contribution from Real estate activities (L_B2g) (Table 2).
In 2025, sole proprietorships and partnerships without legal status, excluding quasi-corporations, accounted for 4.2 per cent of the total compensation of employees paid across the economy. The annual growth rate of compensation of employees paid by the household sector decelerated from 14.4 per cent in 2024 to 9.9 per cent in 2025.
As shown in Chart 4, the weaker growth was mainly driven by developments in Other service activities (R to U), Professional, scientific and technical activities and administrative and support service activities (M to N), Public administration, education, human health and social work activities (O to Q), and Construction (F). Positive contributions from Agriculture, forestry and fishing (A) and Information and communication (J) partially mitigated the decline.
Gross Balance of Primary Income
The gross balance of primary income increased by 6.3 per cent, or €878 million, in 2025. This growth was mainly driven by an €800 million increase in compensation of employees receivable, alongside increases of €70 million in gross operating surplus and mixed income and €8 million in net property income received. The relatively modest increase in net property income mainly reflected lower net interest received, which was only partly offset by higher net dividends received (Table 1).
Charts 6 and 7 provide an overview of the property income received and paid by households by counterparty in 2025.
In 2025, property income received by the household sector was mainly driven by distributed income of corporations, particularly from non-financial corporations (35.6 per cent) and financial corporations (13.7 per cent). Financial corporations also accounted for the recorded FISIM adjustment (21.1 per cent) and the majority of interest received (10.6 per cent).
In 2025, property income paid by the household sector was mainly composed of interest payments to financial corporations (39.6 per cent) and the rest of the world (7.2 per cent). Rent paid to the general government sector accounted for 3.6 per cent of total property income paid, while rent payable within the household sector represented a further 2.4 per cent (Table 4).
Financial Intermediation Services Indirectly Measured (FISIM) represent the value of services provided by financial institutions using the margin between lending and deposit rates and a reference interest rate. FISIM is added to interest receivable and deducted from interest payable when deriving households’ property income. In 2025, FISIM remained a significant component of property income receivable by households. While this treatment increases both net property income and gross disposable income, its effect on households’ savings is neutral, as the increase in disposable income is offset by a corresponding increase in the consumption of financial services.
Gross disposable income
Gross disposable income stood at €13,235 million in 2025 (Table 1). The increase in the gross balance of primary income mostly explains the 6.3 per cent increase in gross disposable income given that the combined performance of secondary income distribution flows amounted to just €77 million, following an increase in net social contributions and benefits receivable of €68 million and an increase in current taxes on income, wealth of €151 million.
Chart 8 illustrates the main factors contributing to the change in gross disposable income between 2024 and 2025. The increase in gross disposable income was primarily driven by an €800 million rise in compensation of employees, making it by far the largest positive contributor. Additional positive contributions were recorded in social benefits (€168 million), mixed income (€158 million), property income (€8 million) and net current transfers (€7 million). These increases were partly offset by higher taxes on income and wealth (€151 million), higher net social contributions (€100 million), and a decline in gross operating surplus (€88 million). Overall, the strong growth in compensation of employees more than compensated for the negative contributions, resulting in a substantial increase in households’ gross disposable income in 2025.
Savings and net lending
In 2025, gross households’ savings were estimated at €2,542 million, an increase of 12.2 per cent over the previous year. The increase in savings reflected the stronger growth in gross disposable income (6.4 per cent) relative to the households’ final consumption expenditure (5.2 per cent) (Table 1). As a result, the gross households’ saving rate increased to 19.2 per cent of gross disposable income, 1.0 percentage point higher than in 2024 (Table 5).
Household investment amounted to €976 million in 2025, up from €918 million in the previous year. The household investment rate remained broadly stable at 7.4 per cent of gross disposable income (Table 5).
After accounting for capital transfers, households recorded net lending of €2,143 million, up from €1,771 million in 2024, reflecting higher household saving (Table 1).
