Excess Savings in EU and UK 

Apollo Chief Economist

A high level of savings in the household sector during covid can also be seen in the Eurozone and in the UK, see charts below. This is a tailwind for the outlook for consumer spending across Europe. The headwinds to European private consumption include slowing growth, sanctions, and higher inflation, including higher energy prices. 

Eurozone households have almost €1trn in excess savings
Source: Bloomberg, Apollo Chief Economist
UK households have £200bn in excess savings
Source: Bloomberg, Apollo Chief Economist

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