Gross savings as a share of GDP reached 23.8 % in 2020 in European Union, according to the National Statistical Office. This is 5.43 % less than in the previous year.
Historically, gross savings as a share of GDP in European Union reached an all time high of 25.2 % in 2019 and an all time low of 20.9 % in 1982. When compared to European Union's main peers, gross savings as a share of GDP in China amounted to 45.2 %, 27.8 % in Japan, 24.0 % in Russia and 17.7 % in USA in 2020.
European Union has been ranked 53rd within the group of 163 countries we follow in terms of gross savings as a share of GDP, 30 places above the position seen 10 years ago.
Gross savings are calculated as gross national income less total consumption, plus net transfers.