Despite some exceptions, the household savings rate during the COVID-19 pandemic was quite high in most of the countries considered. As of 2020, the saving rate of households in Switzerland was the highest among the selected countries (23.1 percent). Ireland followed in the list, with a saving rate of 21.6 percent.

In 2019, the household savings rates in these selected developed countries ranged from 0.4 percent of disposable income in Finland to 17.9 percent in Switzerland. In 2020, the coronavirus (COVID-19) outbreak and lockdowns implemented by governments led to an increase in the savings rate worldwide, due to reduced consumption expenditure.

Why do people save?

Savings behavior differs from country, as shown in this statistic. In the United States, most people save for unexpected expenses or retirement. In countries such as Finland, the savings rate may be lower because retirees can rely on generous pension funds. Other reasons that households save include vacation, educational expenses, and home purchase.

Factors that affect saving

High inflation leads to lower household savings. The projected increase in prices means that people would rather buy immediately, because saving and buying later means paying a higher price. As such, countries with an inflation rate are less likely to have a high savings rate. Other factors include a cultural disposition towards saving mechanisms, such as the emphasis on home ownership seen in the United States.

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.

Between 2012 and 2024, German households have had the highest saving rates of the major economies in the European Union (EU-27). While the gross savings of German households amounted to over 20 percent of their disposable income in the first three quarters of 2024, that percentage just reached 12.4 percent in Italy.

Key information about India Gross Savings Rate

• India Gross Savings Rate was measured at 30.7% in Mar 2024, compared with 30.7% in the previous year.
• India Gross Savings Rate is updated yearly, with data available from Mar 1951 to Mar 2024, and an average rate of 30.7%.
• The data reached an all-time high of 30.7% in Mar 2008 and a record low of 7.9% in Mar 1954.
• CEIC calculates Gross Domestic Savings Rate from annual Gross Domestic Savings and annual Nominal GDP. Ministry of Statistics and Programme Implementation provides Gross Domestic Savings in local currency and Nominal GDP in local currency based on SNA 2008, at 2011-2012 prices. Gross Domestic Savings Rate is annual frequency, ending in March of each year.
• In the latest reports, India GDP expanded 6.1% YoY in Mar 2023.
• India Nominal GDP reached 873,666.0 USD mn 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.

In 2022, the savings of households in Switzerland represented over 19 percent of their disposable income. In contrast, households in South Africa and Italy amounted to 0.2 and 1.82 percent of their disposable income, respectively. Poland and Portugal had negative figures, which means that the final consumption of the households of that country was higher than their net disposable income.

Key information about Norway Gross Savings Rate

• Norway Gross Savings Rate was measured at 36.6% in Sep 2024, compared with 36.6% in the previous quarter.
• Norway Gross Savings Rate is updated quarterly, with data available from Mar 1978 to Sep 2024, and an average rate of 36.6%.
• The data reached an all-time high of 36.6% in Sep 2022 and a record low of 26.5% in Dec 1992.
• CEIC calculates Gross Domestic Savings Rate from quarterly Gross Domestic Savings and quarterly Nominal GDP. Gross Domestic Savings is calculated as Nominal GDP less Final Consumption Expenditure. Statistics Norway provides Final Consumption Expenditure in local currency and Nominal GDP in local currency.
• In the latest reports, Norway GDP expanded 2.4% YoY in Mar 2023.
• Norway Nominal GDP reached 128,615.2 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) fell 5.7% in Mar 2023.
• Norway GDP Per Capita reached 106,110.7 USD in Dec 2022.

The average for 2023 based on 14 countries was 19.06 percent. The highest value was in Algeria: 41.23 percent and the lowest value was in the Seychelles: 3.16 percent. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

Global Total Household Savings Gross Rate by Country, 2023 Discover more data with ReportLinker!

Qatar, Singapore, and Norway were among the countries with the highest gross savings rate in 2021, which was between 40 and 52 percent. Gross savings in the United States amounted to over 18 percent of its gross domestic product (GDP). There were also several countries with negative savings rates, which means that the gross national income was lower than the total consumption in those territories.

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.

Key information about Sri Lanka Gross Savings Rate

• Sri Lanka Gross Savings Rate was measured at 26.1% in Sep 2022, compared with 26.1% in the previous quarter.
• Sri Lanka Gross Savings Rate is updated quarterly, with data available from Mar 2010 to Sep 2022, and an average rate of 26.1%.
• The data reached an all-time high of 26.1% in Dec 2017 and a record low of 13.9% in Mar 2010.
• CEIC calculates quarterly Gross Domestic Savings Rate from quarterly Gross Domestic Savings and quarterly Nominal GDP. Gross Domestic Savings is calculated as Nominal GDP less Final Consumption Expenditure. The Department of Census and Statistics provides Final Consumption Expenditure in local currency and Nominal GDP in local currency. Gross Domestic Savings Rate prior to Q1 2015 is based on SNA 2008, at 2010 prices.
• In the latest reports, Sri Lanka GDP contracted 11.8% YoY in Sep 2022.
• Sri Lanka Nominal GDP reached 17,949.0 USD mn in Sep 2022. Its GDP deflator (implicit price deflator) increased 64.7% in Sep 2022.
• Sri Lanka GDP Per Capita reached 3,815.0 USD in Dec 2021.

Among the 12 European Union (EU) countries for which there was data available in 2022, Ireland had highest savings per capita. Household gross savings in Germany, the largest economy in the EU, reached a value of 5,976 euros per capita. The data for Luxembourg in 2021 shows that the average household gross savings amounted to 7,612 euros per capita.

Key information about Kenya Gross Savings Rate

• Kenya Gross Savings Rate was measured at 11.9% in Dec 2023, compared with 11.9% in the previous year.
• Kenya Gross Savings Rate is updated yearly, with data available from Dec 2006 to Dec 2023, and an average rate of 11.9%.
• The data reached an all-time high of 11.9% in Dec 2010 and a record low of 10.1% in Dec 2008.
• 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. Final Consumption Expenditure is the sum of Private and Government Final Consumption Expenditure. The Kenya National Bureau of Statistics provides Final Consumption Expenditure in local currency and Nominal GDP in local currency.
• In the latest reports, Kenya GDP expanded 5.2% YoY in Sep 2022.
• Kenya Nominal GDP reached 26,869.9 USD mn in Sep 2022. Its GDP deflator (implicit price deflator) increased 4.0% in Sep 2022.
• Kenya GDP Per Capita reached 2,236.0 USD in Dec 2021.

Abstract

The Survey on Interest Rate Controls 2020 was conducted as a World Bank Group study on interest rate controls (IRCs) in lending and deposit markets around the world. The study aims to identify the different types of formal (or de jure) controls, the countries that apply then, how they implement them, and the reasons for doing so. The objective of the study is to advance knowledge on this topic by providing an evidence base for investigating the impact of IRCs on economic outcomes.

The survey investigates present IRCs in each surveyed country, the reasons why they have been applied, the framework and resources associated with their application and the details as to their level and functioning. The focus is on legal forms of control (i.e. codified into law) as opposed to de facto controls. The new database on interest rate controls, a popular form of financial repression is based on a survey of 108 countries, representing 88 percent of global gross domestic product. The interest rate controls presented in this dataset were in effect in 2019.

Geographic coverage

Global Survey, covering 108 countries, representing 88 percent of global GDP.

Analysis unit

Regulation at the national level.

Universe

Banking supervisors and Local Banking Associations.

Kind of data

Sample survey data [ssd]

Mode of data collection

Mail Questionnaire [mail]

Research instrument

Bank supervisors and banking associations were provided with a standard excel file with five parts. The survey was structured in five parts, each placed in a different excel sheet. Part A: Introduction. Countries with no IRCs in place were asked to only answer this sheet and leave the rest blank. Part B: Presented the definitions of controls, institutions, products and additional aspects that will be covered in the survey. Part C: Introduced a set of qualitative questions to describe the IRCs in place. Part D: Displayed a set of tables to quantitatively describe the IRCs in place. Part E: Laid out the final set of questions, covering sanctions and control mechanisms that support the IRCs' enforcement. The questionnaire is provided in the Documentation section in pdf and excel.

This dataset provides values for INTEREST RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Among the ten largest economies worldwide, China was by far the one with the highest savings rate in 2021. Meanwhile, gross savings in the United States amounted to slightly over 18 percent of its gross domestic product (GDP). Within this group of countries, the United Kingdom was the one with the lowest savings rate at nearly 16 percent. The rest of the countries in the list saved between 17 and 31 of their GDP.

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 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.

The household net saving rate in the member countries of the euro area amounted to nearly seven percent in 2022. The saving rate fluctuated between five and eight percent between 2000 and 2019. However, since the outbreak of the COVID-19 pandemic these figures increased, reaching 13 percent in 2020.