In 2023, personal savings amounted to 4.51 percent of the disposable income in the United States. The personal savings rate peaked in 2020, when U.S. households saved on average over 15 percent of their income. That year and in 2021, there were measures implemented to contain the spread of the COVID-19 virus which limited the ability of people to go out and spend their money, which resulted in people saving more than usual.

Savings during recessions During recessions, households often tend to increase their savings due to economic uncertainty and to compensate for any possible loss of income, which could occur, for example, in the case of falling into unemployment. For example, as seen in this statistic, the savings rate increased noticeably between 2007 and 2012, coinciding with a period of crisis. However, there are also factors that affect the amount of money that households can manage to set aside, such as inflation. Saving can be particularly difficult during periods when the inflation rate has been higher than the growth rates of wages.

Savings accounts The value of savings deposits and other checkable deposits in the U.S. amounted to roughly 11 trillion U.S. dollars in late 2023, even after a significant fall in the amount of money placed in those types of instruments. In other words, savings accounts are a type of financial asset that is very widely used among households to save money. Nevertheless, interest rates of savings’ accounts differ a lot from one financial institution to another. Some of the lesser-known online banks had the highest interest rates, while the major banks often offered lower interest rates.

In December 2024, the personal saving rate in the United States amounted to 3.8 percent. That was slightly lower figure than a year earlier. The personal saving rate is calculated as the ratio of personal savings to disposable personal income. Within the topic of personal savings in the U.S., there are different goals and reasons for saving. What are personal savings? Saving refers to strategies of accumulating capital for future use by either not spending a part of one’s income or cutting down on certain costs. Saved money may be preserved as cash, put on a deposit account, or invested in various financial instruments. Investing usually incorporates some level of risk which means that part of the invested money can be gone. An example of a relatively safe investment would be saving bonds, such as the debt securities issued by the U.S. Department of the Treasury. Saving trends in the U.S. and abroad Looking at the personal saving rate in the United States throughout the past decades, it can be observed that savings had been decreasing until the mid-2000s, and they increased after the 2008 financial crisis. Still, the largest savings rates were reached in 2020 and 2021. The reason for that increase in the savings rate that year might be related to the measures to contain the COVID-19 pandemic. The value of personal savings in the United Kingdom has also followed a similar trend. Although events like the COVID-19 pandemic may have affect many countries in a similar way, the ability to save, as well as the average savings as a share of personal income across countries can vary significantly depending on multiple factors affecting each territory.

Key information about China Gross Savings Rate

• China Gross Savings Rate was measured at 44.3% in Dec 2023, compared with 44.3% in the previous year.
• China Gross Savings Rate is updated yearly, with data available from Dec 1952 to Dec 2023, and an average rate of 44.3%.
• The data reached an all-time high of 44.3% in Dec 2010 and a record low of 16.5% in Dec 1962.
• CEIC calculates Gross Domestic Savings Rate from annual Gross Domestic Savings and annual Nominal GDP. Gross Domestic Savings is calculated as Nominal GDP less Final Consumption Expenditure. The National Bureau of Statistics provides Final Consumption Expenditure in local currency and Nominal GDP in local currency.
• In the latest reports, China GDP expanded 4.5% YoY in Mar 2023.
• China Nominal GDP reached 4,166,759.1 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 0.4% in Mar 2023.
• China GDP Per Capita reached 12,621.7 USD in Dec 2023.

Personal savings in the United States reached a value of 911 billion U.S. dollars in 2023, which is significantly higher than in 2022. Personal savings peaked in 2020 at nearly 2.7 trillion U.S. dollars. Those figures remained very high until 2021. The excess savings during the COVID-19 pandemic in the U.S. and other countries were the main reason for that increase, as the measures implemented to contain the spread of the virus had an impact on consumer spending.

Saving before and after the 2008 financial crisisDuring the periods of growth and certain economic stability in the pre-2008 crisis period, there were falling savings rates. People were confident the good times would stay and felt comfortable borrowing money. Credit was easily accessible and widely available, which encouraged people to spend money. However, in times of austerity, people generally tend to their private savings due to a higher economic uncertainty. That was also the case in the wake of the 2008 financial crisis. Savings and inflationThe economic climate of high inflation and rising Federal Reserve interest rates in the U.S. made it increasingly difficult to save money in 2022. Not only does inflation affect the ability of people to save, but reversely, consumer behavior also affects inflation. On the one hand, prices can increase when the production costs are higher. That can be the case, for example, when the price of West Texas Intermediate crude oil or other raw materials increases. On the other hand, when people have a lot of savings and the economy is strong, high levels of consumer demand can also increase the final price of products.

In 2025, the average savings of households and non-profit institutions serving households in the Euro area was expected to remain under eight percent of their disposable income. During the past decade, the savings rate was usually under eight percent, except for 2020 and 2021, as savings soared after the outbreak of COVID-19.

Key information about Yemen Gross Savings Rate

• Yemen Gross Savings Rate was measured at 9.5% in Dec 2017, compared with 9.5% in the previous year.
• Yemen Gross Savings Rate is updated yearly, with data available from Dec 1990 to Dec 2017, and an average rate of 9.5%.
• The data reached an all-time high of 9.5% in Dec 1990 and a record low of 0.2% in Dec 2015.
• CEIC calculates Gross National Savings Rate from annual Gross National Savings and annual Gross National Product. Gross National Savings is calculated as Gross National Product less Final Consumption Expenditure plus Net Current Transfers. Central Statistical Organization provides Gross National Product, Final Consumption Expenditure and Net Current Transfers in local currency.
• In the latest reports, Yemen GDP contracted 10.0% YoY in Dec 2017.
• Yemen Nominal GDP reached 34,714.0 USD mn in Dec 2013. Its GDP deflator (implicit price deflator) increased 8.4% in Dec 2017.
• Yemen GDP Per Capita reached 736.2 USD in Dec 2017.

The household saving ratio in Japan was estimated at around 0.6 percent in 2023. In 2020, the saving ratio of households had reached the highest value in decades. The saving ratio refers to the proportion of savings to disposable income.

The gross savings of the United States represented over 18 percent of its GDP in 2021. Despite some fluctuations, the savings rate was on a downward trend until 2009. In 2015, the gross savings rate reached its highest value since 1998. The value of gross savings as a share of the GDP has fallen in 2021.

Over the course of the 1920s, the value of money deposited in commercial banks grew at a fairly steady rate, rising from around 19 billion U.S. dollars in 1921 (the initial dip was due to the post-WWI recession), to 25 billion at the end of the decade. However, the onset of the Great Depression saw these figures drop drastically, and the value of deposits fell from around 26 to 16 billion dollars between 1930 and 1933. This was not only due to high unemployment and lower wages, but many Americans also lost faith in the banks during the Depression - many blamed the banks for the Depression as frivolous lending practices had contributed to the Wall Street Crash; banks demanded early repayment of debts and often repossessed the property of those who could not afford to do so (also leading to evictions), and many banks failed after the Crash and were not perceived as safe. It was not until 1936 where deposits in commercial banks returned to their pre-Depression levels, after the Roosevelt administration put a number of safeguards in place and helped restore public faith in the American banking system.

In contrast to commercial banks, the total amount of money deposited in savings accounts continued to rise throughout the Great Depression, albeit at a much slower rate than in the 1920s. The reason for continued increase was due to the disproportionate impact the Depression had across socioeconomic groups - most working and middle-class Americans did not have the means to have a savings account

Dutch households saved roughly 15 percent of their disposable income in the third quarter of 2024. The savings rate has remained relatively stable in the past years after it peaked during the COVID-19 pandemic. The savings rates of Irish households reached even higher peaks than in the Netherlands during the start of the COVID-19 pandemic.

Key information about China Private Consumption: % of GDP

• China Private Consumption accounted for 39.6 % of its Nominal GDP in Dec 2023, compared with a ratio of 37.8 % in the previous year.
• China Private Consumption contribution to Nominal GDP ratio is updated yearly, available from Dec 1952 to Dec 2023, with an average share of 49.3 %.
• The data reached an all-time high of 70.8 % in Dec 1962 and a record low of 34.9 % in Dec 2010.

CEIC calculates Private Consumption as % of Nominal GDP from annual Private Consumption Expenditure and annual Nominal GDP. The National Bureau of Statistics provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about China Private Consumption: % of GDP

• In the latest reports, China GDP expanded 4.5 % YoY in Mar 2023.
• Its Nominal GDP reached 4,166.8 USD bn in Mar 2023.
• China GDP Per Capita reached 12,621.7 USD in Dec 2023.
• Its Gross Savings Rate was measured at 44.3 % in Dec 2023.

The average interest rate of instant access deposits in the United Kingdom (UK) has started declining in the second half of 2024. That was after the interest rates of those products soared in 2022 and 2023, reaching 2.82 percent in January 2024. In contrast, the interest rate of instant access deposits amounted to 0.06 percent in April 2021.

In 2023, the net household saving rate was about four percent, showing a decrease from the previous year. This was the lowest level in the past decade, indicating that households have less disposable income.

Key information about Panama Short Term Interest Rate

• Panama Short Term Interest Rate: Month End: Interbank Reference Rate: 3 Months was reported at 4.62 % pa in Jan 2025, compared with 4.75 % pa in the previous month.
• Panama Short Term Interest Rate data is updated monthly, available from Jan 2006 to Jan 2025.
• The data reached an all-time high of 7.11 % pa in Nov 2006 and a record low of 0.12 % pa in Apr 2013.
• Short Term Interest Rate is reported by reported by Superintendency of Banks of Panama.
• Panama Exchange Rate against USD averaged 1.00 (USD/PAB) in May 2023.

Canada CA: Lending Rate data was reported at 2.700 % pa in 2017. This stayed constant from the previous number of 2.700 % pa for 2016. Canada CA: Lending Rate data is updated yearly, averaging 5.927 % pa from Dec 1950 to 2017, with 68 observations. The data reached an all-time high of 19.292 % pa in 1981 and a record low of 2.396 % pa in 2009. Canada CA: Lending Rate data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Canada – Table CA.IMF.IFS: Lending, Saving and Deposit Rates: Annual.

This table outlines rates used by the Canada Revenue Agency to calculate the maximum amount a taxpayer can deduct for registered retirement savings plan (RRSP) and group RRSP contributions, and the yearly employer contribution limits applicable to pooled registered pension plans (PRPP).

Key information about India Investment: % of GDP

• India Investment accounted for 34.7 % of its Nominal GDP in Sep 2024, compared with a ratio of 32.8 % in the previous quarter.
• India investment share of Nominal GDP data is updated quarterly, available from Jun 2004 to Sep 2024, with an average ratio of 33.6 %.
• The data reached an all-time high of 41.2 % in Sep 2011 and a record low of 21.8 % in Jun 2020.

CEIC calculates Investment as % of Nominal GDP from quarterly Nominal Gross Capital Formation and quarterly Nominal GDP. Gross Capital Formation is calculated as the sum of Gross Fixed Capital Formation, Changes in Stocks and Valuables. Ministry of Statistics and Programme Implementation provides Nominal Gross Capital Formation in local currency and Nominal GDP in local currency, based on SNA 2008 at 2011-2012 prices. Investment as % of Nominal GDP prior to Q2 2011 is based on a combination of SNA 2008 and SNA 1993, at 2004-2005 prices.


Related information about India Investment: % of GDP

• In the latest reports, India GDP expanded 6.1 % YoY in Mar 2023.
• India Nominal GDP reached 873.7 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 4.1 % in Mar 2023.
• India GDP Per Capita reached 2,452.2 USD in Mar 2023.
• Its Gross Savings Rate was measured at 30.2 % in Mar 2023.

Key information about China GDP Per Capita

• China Gross Domestic Product (GDP) per Capita reached 12,621.720 USD in Dec 2023, compared with 12,674.873 USD in Dec 2022.
• China GDP Per Capita data is updated yearly, available from Dec 1957 to Dec 2023, with an average number of 369.297 USD.
• The data reached an all-time high of 12,674.873 USD in Dec 2022 and a record low of 68.243 in Dec 1957.
• CEIC converts annual GDP per Capita into USD. The National Bureau of Statistics provides GDP per Capita in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.

Related information about China GDP Per Capita data

• In the latest reports, China GDP expanded 4.550 % YoY in Mar 2023.
• China Nominal GDP reached 4,166.759 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 0.400 % in Mar 2023.
• Gross Savings Rate of China was measured at 44.277 % in Dec 2023.

The saving rate of Canadian households increased considerably during the start of the COVID-19 pandemic in 2020. As of the second quarter of 2020, the saving rate of households in Canada peaked at 26.5 percent. By the fourth quarter of 2024, Canadian households saved on average 6.1 percent of their disposable income.

Key information about Indonesia Real GDP Growth

• The Gross Domestic Product (GDP) in Indonesia expanded 5.0 % YoY in Dec 2022, following a growth of 5.7 % in the previous quarter.
• Real GDP Growth YoY data in Indonesia is updated quarterly, available from Mar 1994 to Dec 2022, with an average rate of 5.1 %.
• The data reached an all-time high of 10.7 % in Jun 1994 and a record low of -18.3 % in Dec 1998.

CEIC calculates quarterly Real GDP Growth from quarterly Real GDP. The Central Bureau of Statistics provides Real GDP in local currency, at 2010 prices, based on SNA 2008. Real GDP Growth prior to Q1 2011 is calculated from Real GDP at 2000 prices and prior to Q1 2001 from Real GDP at 1993 prices, both based on SNA 1993. CEIC menghitung Pertumbuhan PDB Riil dari PDB Riil triwulanan. BPS menyediakan PDB Riil dalam mata uang dalam negeri, pada harga tahun 2010.


Related information about Indonesia Real GDP Growth

• In the latest reports, Nominal GDP of Indonesia reached 328.6 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 8.3 % in Dec 2022.
• GDP Per Capita in Indonesia reached 4,783.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 37.3 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 27.6 % in Dec 2022.
• Public Consumption accounted for 9.9 % in Dec 2022.
• Private Consumption accounted for 52.8 % in Dec 2022.