Annual Non-financial Accounts of the Household Sector: 2024
- Real household gross disposable income per capita increased by 8.6 per cent in 2024 compared to 3.2 per cent in 2023.
- Real household final consumption expenditure per capita increased by 3.1 per cent in 2024 compared to 8.9 per cent in 2023.
- In 2024, Malta registered the third-highest household savings rate in the EU at 19.4 per cent, that is 4.3 percentage points higher than in 2023.
Annual Non-financial Accounts of the Household Sector: 2024
Annual Non-financial Accounts of the Household Sector: 2024
Households’ disposable Income, consumption and savings
Households’ gross disposable income per capita increased by 11.9 per cent in 2024, compared to 9.8 per cent in 2023 at current prices. On the other hand, real households’ gross disposable income per capita, which excludes the impact of inflation, increased by 8.6 per cent in 2024 compared to 3.2 per cent in 2023. Real households’ adjusted gross disposable income per capita, which includes individual goods and services that households receive free of charge from government and NPISHs – i.e. social transfers in kind – increased by 8.4 per cent in 2024 compared to 2.3 per cent in 2023 (Table 5).
Chart 1. Households’ real consumption and income per capita, growth
In 2024, gross households’ savings were estimated at €2,418 million (Table 1). The gross households’ savings rate stood at 19.4 per cent of gross disposable income (Table 5), the third largest rate in the EU and 4.3 percentage points higher than the rate recorded in the previous year.
Chart 2. Households’ saving rate, gross across Europe
Households’ savings were particularly high in 2020, due to a drop in household final consumption expenditure. Since 2020, the gross households’ saving rate remained relatively high compared to pre-COVID levels. The increase in gross households’ savings in 2024 is mainly attributed to an increase of €1,064 million in compensations receivable by employees (Table 1).
Chart 3. Households’ savings, gross
Percentage over gross disposable income
in € million
Household investment reached €904 million in 2024 compared to €852 million in the previous year (Table 1). In turn, the investment rate of households, stood at 7.2 per cent of their gross disposable income, 0.6 percentage points lower than the previous year (Table 5).
After considering the balance of capital transfers in the sector, households recorded a net lending of €1,917 million compared to the €1,195 million estimated in 2023 (Table 1).
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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 (S11), financial corporations (S12), general government (S13), households (S14) and non-profit institutions serving households (S15) 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. S14 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 paid 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 the European System of National and Regional Accounts (ESA 2010).
4. The results are disseminated 90 days following the end of the reference year (t+90 days, being t 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+85 days, t being the reference quarter). In case of Malta, quarterly non-financial accounts are only compiled for S1, S2 and S13. 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: Q2/2025 news release published on 28 August 2025 and Annual Non-Financial Accounts by Institutional Sectors: 2020-2024 on 22 October 2025. Data should be considered provisional for 2021 to date. A press information notice published on 13 August provides an overview of updates applied from 2020 onwards in main aggregates and ASA.
6. Compared to the previous release which covered 1995 to 2023, a refinement has been done with respect to operating surplus (B2G) and mixed income (B3G) for the whole time series. The System of National Accounts (2008 SNA) specifies that 7.9: “…For owner-occupiers and those leasing dwellings, all value added is operating surplus” and §24.55: “By convention, all the value added arising from leasing dwellings is treated as operating surplus, not mixed income”. From this release, the surplus generated by households leasing dwellings is recorded as operating surplus rather than mixed income. The operating surplus generated by home owner-occupiers in their capacity as producers of housing services for own final consumption was already included in operating surplus. Since this is a shift within operating surplus plus mixed income (gross) (B2A3G), it is neutral on subsequent balancing items which include savings, disposable income and net lending and borrowing. Another enhancement to the whole time series was applied to market output (P11) and output for own final use (P12). Market output in relation to owner-occupied dwellings (part of Real estate activities) and activities of households as employers of domestic personnel was shifted to output for own final use. Since this only effects the breakdown of output (P1), there is no impact on the full sequence of accounts.
7. More information relating to this news release may be accessed at:
8. References to this news release are to be cited appropriately. For guidance on access and re-use of data please visit our dedicated webpage.
9. A detailed news release calendar is available online.
10. For further assistance send your request through our online request form.
More insights into the Household Sector: 2024
The gross value added generated by the household sector increased by 13.5 per cent in 2024 compared to the previous year, leading to an increase in gross operating surplus and mixed income of 13.3 per cent (Table 1). Gross operating surplus from owner-occupied and leased dwellings, applicable only within Real estate activities (L_B2g), registered an increase of 16.5 per cent, contributing to 50.7 percentage points towards the growth in gross operating surplus and mixed income. Mixed income increased by 10.9 per cent and is mainly coming from Wholesale and retail trade, Transportation and storage, Accommodation and food service activities (G to I) and Professional, scientific, technical, and Administrative and support service activities (M to N). These industries also happen to be the largest contributors, contributing to 20.0 per cent and 12.7 per cent respectively towards the growth in gross operating surplus and mixed income (Table 2).
Chart 4 shows how gross operating surplus and mixed income for the household sector evolved over time, with the growing importance of Real estate activities (L), Professional, scientific and technical, and Administrative and support service activities (M to N), Education, Human health and social work activities (O to Q),the emergence of new activities like Information and communication (J), and the drops in shares when it comes to Agriculture, forestry and fishing (A), Wholesale and retail trade, Transportation and storage, Accommodation and food service activities (G to I) (Table 2).
Chart 4. Households’ gross operating surplus plus gross mixed income
in € thousands
Chart 5 indicates the sectoral contributions towards compensation of employees received by the household sector. The share of the sector’s compensation of employees in the economy paid by sole proprietorships and partnerships without legal status, other than those treated as quasi-corporations stood at 4.1 per cent. In 2024, 42.5 per cent of the compensation of employees paid by households were generated by the Wholesale and retail trade, Transportation and storage, Accommodation and food service activities, 19.3 per cent by Professional, scientific, technical, Administrative and support service activities and 14.7 per cent by Other services (Table 3).
Chart 5. Sectoral contributions towards compensation of employees
in € thousands
The €1,589 million growth in gross balance of primary income in 2024 is explained by an increase of €338 million in gross operating surplus and mixed income, €1,064 million in compensations receivable by employees, and €187 million in the net balance of property income received by the sector (interests, dividends, etc.) (Table 1).
Chart 6. Components of households’ balance of primary income
Charts 7 and 8 provide an overview of the property income received and paid by counterparty. In 2024, property income received by the household sector was largely influenced by dividends received from non-financial corporations and financial corporations, at 26.2 and 12.7 per cent respectively. Property income paid by the household sector consisted mainly of interest paid before FISIM allocation to the financial sector and the rest of the world, at 60.1 and 11.3 per cent respectively (Table 4).
Financial Intermediation Services Indirectly Measured (FISIM) represents the value of services provided by Financial Institutions (FIs), charging more on loans and less on deposits than a reference interest rate. FISIM is added to interest received and deducted from interest paid by households when deriving property income. In 2024, FISIM, which is an imputed value, led to an increase in net property income received of €33 million (Table 4). The FISIM output of FIs is counterbalanced by the intermediate consumption of households as owners of unincorporated enterprises and dwellings and is consumed by households as final consumers. In 2024, this led to an increase in gross operating surplus and mixed income of €34 million, thus contributing to an increase in gross disposable income of €66 million. However, FISIM is neutral on savings as the increase in gross disposable income is counterbalanced by an increase in household consumption of €66 million.
Chart 7. Property income received by households, by counterparty
in € thousands
Chart 8. Property income paid by households, by counterparty
in € thousands
The increase in the gross balance of primary income mostly explains the 15.1 per cent increase in gross disposable income given that the combined performance of secondary income distribution flows (income and wealth tax, social contributions and social benefits and other current transfers) amounted to just €48 million. Gross disposable income stood at €12,478 million in 2024 (Table 1).
In Chart 9, it can be observed that gross disposable income is still largely driven by wages and salaries received, with relative shares for net social benefits and mixed income. Net property income and gross operating surplus and mixed income have stayed quite stable over almost three decades, showing no major structural shift. While net taxes on income and wealth paid, net social contributions and net current transfers had a downside effect across years, it was negligible for net current transfers.
