5 Countries with the Lowest Saving Rates in Europe

In this article, we will look at the 5 countries with the lowest saving rates in Europe. If you want to read our detailed analysis, you can go directly to the 15 Countries with the Lowest Saving Rates in Europe.

5. Iceland

Gross savings (% of GDP) (2022): 15.70%

Real GDP Growth Rate (2024): 1.7%

Iceland ranks 5th on our list of countries with the lowest saving rates in Europe. According to a Bloomberg report on March 26, the country’s consumer price rose to 6.8% in March from 6.6% in February. The increased inflation rates are leading to lower savings. Thereby, the country’s gross savings have been low. Iceland had gross savings as a percentage of GDP of 15.70% in 2022.

4. Slovak Republic

Gross savings (% of GDP) (2022): 15.49%

Real GDP Growth Rate (2024): 2.1%

The Slovak Republic ranks 4th on our list of countries with the lowest saving rates in Europe. The country had gross savings as a percentage of GDP of 15.49% in 2022. Moreover, the GDP growth rate of the Slovak Republic was measured at 2.1% for 2024.

3. Cyprus

Gross savings (% of GDP) (2022): 13.48%

Real GDP Growth Rate (2024): 2.7%

Cyprus is one of the 15 countries with the lowest saving rates in Europe. The country is experiencing lower saving rates due to the conflict in the Middle East, and its gross savings as a percentage of GDP was 13.48% in 2022. Moreover, the country’s GDP is growing at 2.7% in 2024.

2. Greece

Gross savings (% of GDP) (2022): 10.24%

Real GDP Growth Rate (2024): 2%

According to the IMF, Greece faces the issue of low saving rates and debt sustainability and has to deal with a significant investment gap. The country ranks 2nd on our list of countries with the lowest saving rates in Europe.

1. Moldova

Gross savings (% of GDP) (2022): 10.02

Real GDP Growth Rate (2024): 2.6%

Moldova has the lowest saving rate in Europe. The country had a gross saving as a percentage of GDP of 10.02% in 2022. The country has high inflation rates however, its GDP is growing at 2.6% in 2024.

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