America's Falling Pandemic Savings 📉

What We’re Showing

The change in savings as percent of GDP from Q4 2019 to Q4 2023 for the U.S., and to Q3 2023 for Canada, the UK, Australia, and major Euro Area nations (France, Germany, Italy and Spain). 

Figures are based on data from the International Monetary Fund’s April 2024 edition of the World Economic Outlook.

Key Takeaways

• The U.S. is the only advanced economy to have its savings as a percent of its GDP dip below its Q4 2019 level in recent months, suggesting that Americans are spending more and making less than before, or creeping into debt.
• Each advanced economy in this infographic accumulated substantial savings during the pandemic, and saw declines from Q2 2022 and onwards. 
• Canada saw the greatest stockpile of pandemic savings, with savings making up the equivalent of 11.6% of its GDP in Q1 2022.