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The disposable income of families in Belgium increased by 9.2 percent last year, mainly due to higher wages. Families also saved a greater share of their income. This was evident from figures from the National Bank (NBB) on Tuesday.
Source: BELGA
Today at 11:39
Higher employee wages in particular increased disposable income last year. These accounted for 7 percentage points of the increase. Self-employed income, capital income and net social benefits also contributed positively, while taxes on income and wealth slowed down the growth of disposable income somewhat.
Household consumption expenditure also increased in 2023, by 6.9 percent. “Consumer expenditure therefore rose at a slower pace than disposable income, which has a positive impact on the household savings rate,” the National Bank said. The savings rate – the percentage of income that is saved – amounted to 14.5 percent for 2023. That is “a level close to the long-term average (15.6 percent),” according to the National Bank.
Finally, the household investment ratio stood at 8.7 percent in 2023, compared to 9.5 percent in 2022. This concerns investments by families, including in construction and renovation.