Eurozone household saving rate stable at 13 pct

The household saving rate in the eurozone was 13.0 percent in the fourth quarter of 2013, stable compared with the third quarter of 2013, data released by Eurostat, the statistical office of the European Union, showed on Wednesday. Household saving is defined as the difference between a household's disposable income and its consumption. In the wider 28-nation European Union, the household saving rate was slightly down to 10.6 percent from 10.8 percent in the previous quarter. Household investment rate remains nearly stable in both zones. In the euro area, the household investment rate was 8.4 percent n the fourth quarter of 2013, while in the EU, it stood at 7.9 percent. Due to the positive contributions of wages, net property income, the eurozone household income in nominal terms rose by 0.4 percent in the fourth quarter of 2013, while consumption increased by 0.4 percent and investment (gross fixed capital formation, mostly in dwellings) fell by 0.2 percent. Analysts said that willingness for consumption and investment among European people remains weak since debt crisis hit the bloc in 2009. The slow growth in consumption and investment as well as the deflation is unfavorable for the recovery of European economy.