Quarterly sector accounts - non-financial corporations


Data extracted on 28 July 2020.

Planned article update: October 2020.

Highlights

In the first quarter of 2020 business investment rate went down to 25.5% in the euro area and up to 25.9% in the EU-27.

In the first quarter of 2020 business profit share went down to 38.1% in the euro area and down to 38.7% in the EU-27.

Investment rate of non-financial corporations, seasonally adjusted - 2020 first quarter
Source: Eurostat


This article focuses on a selection of indicators on quarterly sector accounts for non-financial corporations in the European Union (EU) and the euro area. Covered are, among others, the business investment rate and the profit share of non-financial corporations. Another article focuses on quarterly sector accounts for households, covering, among others, the household saving rate and the household investment rate.

Full article

Business investment rate went down in the EA-19 an up in the EU-27

In the first quarter of 2020, the business investment rate was down to 25.5 % in the euro area (EA-19), compared with 25.8 % in the fourth quarter of 2019. In the EU-27 the investment rate went up to 25.9 % in the first quarter of 2020, compared with 25.3 % in the previous quarter.

These data come from a detailed set of seasonally adjusted[1] quarterly European sector accounts released by Eurostat, the statistical office of the European Union and the European Central Bank (ECB).

Figure 1: Investment rate of non-financial corporations, seasonally adjusted - 2020 first quarter
Source: Eurostat

Business profit share down in both zones

In the EU-27 the business profit share was down to 38.7 % in the first quarter of 2020, compared with 40.2 % in the fourth quarter of 2019. In the euro area the profit share was down to 38.1 % in the first quarter of 2020, compared with 39.6 % in the previous quarter.

Figure 2: Profit share of non-financial corporations, seasonally adjusted - 2020 first quarter
Source: Eurostat

The profit share was down in the euro area as compensation of employees (wages and social contributions) plus taxes less subsidies on production decreased (-1.6 %) slower than the value added (-4.1 %).

Figure 3: Nominal growth of components of the investment rate and the profit share (euro area) (seasonally adjusted data, change compared with the previous quarter) - 2020 first quarter
Source: Eurostat

Data sources

The compilation of the European sector accounts follows the European System of Accounts 2010 (ESA2010) and covers the period from the first quarter of 1999 onwards.

Institutional sectors bring together economic units with broadly similar characteristics and behaviour, namely: households (including non-profit institutions serving households), non-financial corporations, financial corporations, government and the rest of the world. In the latter, to measure the external transactions of the euro area / EU, it is necessary to remove cross-border flows within the area concerned.
The ECB and Eurostat publish integrated non-financial and financial accounts, including financial balance sheets, for the euro area. Eurostat also publishes the non-financial accounts of the European Union.

Eurostat's website includes detailed annual sector accounts by country and derived key indicators, which also include the indicators that combine non-financial and financial accounts such as debt-to-income ratios.

The full set of quarterly sector accounts is published for euro area / EU aggregates. Quarterly sector accounts data are also available for most of the European Economic Area (EEA) Member States in the Eurostat database, and a subset of quarterly key indicators is published around 102 days after each quarter at Quarterly data. The EEA members whose GDP is below 1% of the EU total do not have to transmit the quarterly accounts of corporations to Eurostat.

General information on European sector accounts compilation is given in the metadata file .

For detailed data and methodology, please see Eurostat's website and ECB's website.

  • The European Union (EU-27) consists of 27 Member States: Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden plus the EU institutions.
  • The euro area (EA-19) consists of 19 Member States: Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland, plus the European Central Bank and European Stability Mechanism.

Source data for tables and graphs

The detailed tables Microsoft Excel 2010 Logo.png are available here.


National accounts (ESA 2010) (na10)
Quarterly sector accounts (ESA 2010) (nasq_10)
Key indicators (nasq_10_ki)
Non-financial transactions (nasq_10_nf_tr)

Notes

  1. Seasonal adjustment has been performed using the Tramo-Seats method. The seasonally adjusted series are built up indirectly as the sum of seasonally adjusted components.
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