Falling oil prices helped Luxembourg households save €330

Luxembourg households

Households in Luxembourg made total savings of around 140 million euros in 2015 as a result of oversupply and sharply falling oil prices.

According to figures published on Luxembourg statistics site STATEC, this amounted to savings of roughly 330 euros per household, up from 89 euros in 2013 (19.6 million euros overall).

“Comparing aggregate savings in 2015 with total household consumption, the gain amounts to 0.5 percent of disposable income,” the STATEC report said.

Companies made cumulated savings of around 250 million since 2013, though some industries benefited more than others.

Among the biggest winners were the transport sector, which benefited from almost half of total savings.

The report points out that macroeconomically speaking falling oil prices had “little impact on overall profitability” because the sectors contributing most to Luxembourg’s GDP, such as the financial sector, benefited little from sinking oil prices.