The evolution was convergent with that at global and European levels, being impacted by the panic caused by the coronavirus pandemic and implementation of an unprecedented lax mix of economic policies (after the onset of the sanitary crisis).
The euro area, the main economic partner of Romania, had an average household saving rate of 19.5% (a record high) in the first nine months of 2020, higher by 6.7 percentage points compared with the average recorded in 2019.
The United States had an average household saving rate of 17.1% (a record high) in January-September 2020, higher by 9.6 percentage points compared with the average recorded in 2019.
In the third quarter of 2020, the household saving rate decreased compared with the level registered in the second quarter, in the United States, the euro area and Romania, an evolution due to entering a new economic cycle.
“(…) In 2021, the household saving rate is expected to decrease, due to perspectives of controlling the coronavirus pandemic (with positive impact for confidence indicators) and continuing a lax mix of economic policies. Our scenario sees the annual average household saving rate dropping towards 15% in Romania, 13,8% in the euro area and 9,3% in the United States in 2021,” Radulescu concluded.