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German Savings Stabilising in Q4 2022?

German household savings came in at €63bn for Q4 2022, which is 3% above previous year’s figure. This points to a certain degree of stabilization, but a few things have to be taken into account:

– Base effect: Q4 2022 is based on a steeply declining YoY-comparable, Q1 2023 might benefit even more from this
– Savings are nominal, so are still in negative territory after inflation
– Savings are based on preliminary figures for FY2022 which might change Q4 and previous quarters might get revised
Let’s stay optimistic and take the Q4 savings trend as a positive sign nonetheless!