Tuesday April 21, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Households lost 2.6 bln in one year

 Families’ disposable incomes have contracted by almost a third since the crisis started

By Sotiris Nikas

The quarterly disposable income of Greek households contracted by an average of 31.8 percent, or 14,181 euros, in the five years since the start of the financial crisis, according to data released on Monday by the Hellenic Statistical Authority (ELSTAT), while it showed an annual decline of 8 percent, or 2.6 billion euros, in the third quarter of 2013.

Third-quarter figures showed that households’ spending money dropped to 30,400 euros from 44,581 euros in the July-September period in 2008, meaning that it has gone back to quarterly levels unseen since the October-December period of 2002.

Fiscal adjustment policies implemented in the last few years have led to a drastic decline in household incomes either because of shrinking salaries, pensions and benefits, and the loss of jobs or because of increases in taxation.

The 8 percent drop in disposable income in the third quarter of 2013 is mostly attributed to a 9.9 percent decline in salaries and a 8.2 percent reduction in the social benefits that households receive.

ELSTAT data also pointed to a 10.2 percent fall in consumer spending in Q3 from the same period in 2012, amounting to 32.4 billion euros against 36.1 billion a year earlier. The savings index, i.e. the ratio of gross savings to the gross disposable income, was minus 6.7 percent in July-September 2013, compared with minus 9.3 percent the year before.

The worst year for family incomes was 2012, when the annual reduction amounted to 11.5 percent, while in 2010 the decline reached 9.5 percent year-on-year. The quarter with the highest household income since records started (in 2000) was the second of 2007, when it amounted to 48,526 euros. The all-time low on a quarterly basis was the disposable income recorded in the third quarter of 2000, reaching just 26,749 euros.

On the positive side, the net loan requirements of the general government shrank to just 1.2 billion euros in the same quarter, from 6.4 billion a year earlier. Furthermore there was a net surplus in the external balance of goods and services of 2.6 billion euros, up from a surplus of 1.8 billion in the summer quarter of 2012.

ekathimerini.com , Monday Jan 27, 2014 (22:08)  
ECB studying curbs on Greek bank support
Greek markets slide on reports ECB planning to restrict bank funding
Pension and lump sum cuts to be frozen
Eldorado Gold appeals to Council of State over ministry ‘ambivalence’
Greek government´s popularity takes a hit as talks drag on
The leftist-led Greek government is rapidly losing popularity as negotiations with international creditors drag on with little hope of a resolution anytime soon, a poll conducted by the Univ...
No ferries on Labor Day as seamen take industrial action
Passenger ferries will remain tied up at Greece's ports on Friday, May 1, preventing thousands of Labor Day travelers from reaching their destinations, as the PNO union of ferry workers on T...
Inside News
BASKETBALL
Panathinaikos recovers to beat CSKA for 2-1
Three-pointer master Panathinaikos had the last laugh at the end of Game 3 of its series with CSKA Moscow on Monday winning 86-85 and reducing the Russians' lead to 2-1 in the best-of-five p...
GYMNASTICS
Petrounias wins gold in Europeans
Lefteris Petrounias won his first gold medal in a European Artistic Gymnastics Championship on Saturday finishing first in the rings at Montpellier in France. Petrounias was impeccable in th...
Inside Sports
COMMENTARY
Tragedy in the Mediterranean
Every time we in the West see yet another video of an atrocity committed by Islamic State or Boko Haram and express our abhorrence, and every time we are shocked to read of a boatload of mig...
EDITORIAL
Silence is not an option
There is no shortage of politicians, lobbyists and unionists from the center right who have backed the government, whether tacitly or explicitly. Naturally, when it was first elected, the go...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. ECB studying curbs on Greek bank support
2. Greek markets slide on reports ECB planning to restrict bank funding
3. Greek government´s popularity takes a hit as talks drag on
4. No ferries on Labor Day as seamen take industrial action
5. Two men accused of migrant smuggling face prosecutor over deadly shipwreck
6. Panathinaikos recovers to beat CSKA for 2-1
more news
Today
This Week
1. Two men accused of migrant smuggling face prosecutor over deadly shipwreck
2. Tragedy in the Mediterranean
3. Silence is not an option
4. No ferries on Labor Day as seamen take industrial action
5. Greek government's popularity takes a hit as talks drag on
6. Greek markets slide on reports ECB planning to restrict bank funding
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Greek finance ministry hits back at German newspaper report
3. Time to get serious
4. Putting off payments led to Q1 budget primary surplus
5. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
6. Greece denies report that it is preparing for debt default
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.