BUSINESS

Disposable income down 2.3 pct from 2015 to 2016

TAGS: Economy

Greek households were worse off in 2016 than the previous year, as Hellenic Statistical Authority (ELSTAT) data point to a reduction in their disposable incomes, consumption and savings.

The figures come on the back of a recent revision of gross domestic product data which confirmed that last year was a recessionary one.

ELSTAT reported on Monday that households’ disposable incomes shrank 2.3 percent from 116.7 billion to 114 billion euros. The final consumption spending of households and non-profit corporations that serve households declined 1 percent to 121.7 billion euros. Gross savings as a ratio of gross disposable income shrank by 6.8 percentage points.

Households had to cope with numerous tax hikes last year, on top of the overtaxation they have endured to varying degrees since the outbreak of the crisis at the start of the decade.

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