欧洲央行：2025年欧元区前景与货币政策报告（英文版）

Private consumption and saving rate Sources: Eurostat, ECB, ECB and Eurostat (QSA), DG-ECFIN and ECB calculations. Notes: Based on an error-correction model for consumption including COVID-19 dummies, estimated over first quarter of 1999 – second quarter of 2025. For a similar model, see European Central Bank (2024), “What explains the high household saving rate in the euro area?”, Economic Bulletin, Issue 8. The latest observations are for the second quarter of 2025. Model-based decompositio