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German Savings Rate Back to Pre-COVID-Levels

The savings rate of German households decreased by 0.7% (Δ 1 quarter) to a total of 9.6% and the lowest level in over 3 years (since Q3 2019). It is effectively back to pre-COVID19-levels. The savings rate is very seasonal hitting an annual low in the third quarter and a high in the first quarter of any given year.
Surprisingly, the quarter-over-quarter decrease of Q3 2022 was the lowest on record.