Heterogeneity of Household Food Expenditure Patterns in South Africa
Household Balance Sheet South Africa
description
Transcript of Household Balance Sheet South Africa
Household Household Balance Sheet Balance Sheet
South AfricaSouth Africa
25 October 2011
Outline of presentationOutline of presentation
Background
Definition of household sector
Household assets and liabilities
Balance sheet of household sector
Source data
Trends and composition of household sector assets
Trends and composition of household sector liabilities
Household sector net worth
Way forward
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BackgroundBackground
Balance sheets aggregates estimated quarterly
Research to improve household balance sheet
ongoing
Limited information published to date
i.e. debt-to-disposable-income ratio
and wealth-to-disposable-income ratio
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Household sector Household sector
The household sector consists of all resident households, unincorporated
enterprises owned by households and non-profit institutions serving
households (S.14 and S.15)
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Household non-financial assets
Dwellings
Other buildings and structures
Machinery and equipment
Cultivated assets
Inventories
Land
Memorandum item: Consumer durables
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Household financial assetsHousehold financial assets
Currency and deposits
Securities other than shares
Shares and other equity
Insurance and technical reserves
Other accounts
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Household liabilities
Consumer credit
• Personal loans
• Instalment sale and leasing finance
• Open accounts
• Debt with local authorities
Mortgage advances
Securitisation
Non-incorporated credit
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Balance sheet of household sectorBalance sheet of household sector R billions - end 2010* R billions - end 2010*
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* Preliminary
Total assets 7 238 Total liabilities and net worth 7 238
Tangible assets 1 969 Total liabilities 1 258
Residential buildings 1 648 Mortgage advances 782
Other tangible assets 321 Other debt 476
Financial assets 5 269 Net worth 5 980
Assets with monetary institutions 577
Interest in pension funds and
long-term insurers 2 402
Other financial assets 2 290
Source data - household balance sheetSource data - household balance sheet
South African Reserve Bank Surveys
Statistics South Africa Surveys
National Department of Agriculture
National Credit Regulator
National Treasury
Other
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Trends and Trends and composition of composition of
household sector household sector assetsassets
10
Household assetsHousehold assets
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R trillions
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
2005 2006 2007 2008 2009 2010 2011
Breakdown of household assets – year endBreakdown of household assets – year end
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Residential buildings, 23.5%
Other tangible assets, 5.2%
Monetary assets, 8.0%
Interest in pension fund and long-term
insurers, 32.6%
Other assets, 30.7%
2005
Residential buildings,
22.8%Other
tangible assets, 4.4%
Monetary assets, 8.0%
Interest in pension fund and long-term
insurers, 33.2%
Other assets, 31.6%
2010
Selected assets of the household sectorSelected assets of the household sector
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Interest in pension funds and long-term insurersResidential buildings and land Monetary assetsCorporate bonds and equities
0
10
20
30
40
50
60
-10
-20
-30
-402005 2006 2007 2008 2009 2010 2011
Percentage change over four quarters
Trends and Trends and composition of composition of
household sector household sector liabilitiesliabilities
14
Household debtHousehold debt
15
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
2005 2006 2007 2008 2009 2010 2011
R trillions
Household debtHousehold debt
16
2
5
8
11
14
17
20
23
26
29
2005 2006 2007 2008 2009 2010 2011
Percentage change over four quarters
Breakdown of household liabilities - year endBreakdown of household liabilities - year end
17
0.0%
Personal loans, 16.0%
Securitisation, 0.4%
Open accounts,
3.0%
Instalment sale and
leasing, 14.6%
Mortgage advances,
62.1%
Non-incorporated credit, 1.6%
Debt with local authorities,
2.3%
2010
Personal loans, 14.4%
Securitisation, 1.7%
Open accounts,
3.3%Instalment
sale and leasing, 17.3%
Mortgage advances,
56.7%
Non-incorporated credit, 4.4%
Debt with local authorities,
2.2%
2005
Household debt ratioHousehold debt ratio
18
60
62
64
66
68
70
72
74
76
78
80
82
2005 2006 2007 2008 2009 2010 2011
Percentage of annualised household disposable income
Seasonally adjusted
Household debt service ratioHousehold debt service ratio
19
7
8
9
10
11
12
13
2005 2006 2007 2008 2009 2010 2011
Financing cost of debt as percentage of annualised disposable income
Seasonally adjusted
Household sector Household sector net worthnet worth
20
Household net worthHousehold net worth
21
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
2005 2006 2007 2008 2009 2010 2011
R trillions
Household net worthHousehold net worth
22
0
5
10
15
20
25
30
-5
-10
-152005 2006 2007 2008 2009 2010 2011
Percentage change over four quarters
Ratio of household net worth to disposable Ratio of household net worth to disposable incomeincome
23
310
320
330
340
350
360
370
380
390
400
410
420
2005 2006 2007 2008 2009 2010 2011
Seasonally adjusted
Per cent
Way forwardWay forward
Publication of household balance sheet aggregates
National household financial well-being survey
Balance sheets for all institutional sectors
2008 SNA
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Thank YouThank You
Economist Research Department
South African Reserve Bank
[email protected]+27 12 313 4318
www.reservebank.co.za