Monday February 2, 2015 Search
Weather | Athens
16o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Households lost 2.6 bln in one year

 Familiesí 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 householdsí 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)  
Piraeus port U-turn will not hurt China investment: analysts
Cash may dry up earlier than thought
EU rift, cash flow and NPLs worry bankers
Economic activity still on hold in anticipation of government program
Deputy PM Dragasakis confident ECB will not cut liquidity for Greek banks
Greek Deputy Prime Minister Yannis Dragasakis dismissed fears that the ECB may cut vital liquidity support to Greek banks if it fails to agree with international creditors, saying the new go...
Varoufakis counting on ECB as Sapin says Greece needs new contract with eurozone
Greece is counting on the European Central Bank to maintain a financial lifeline while the week-old government in Athens negotiates new terms on its international bailout package, Finance Mi...
Inside News
SOCCER
Reds stretch lead as Panetolikos upsets PAOK
Panetolikosís surprise win at Toumba over PAOK on Saturday allowed Olympiakos to open its lead at the top of the Super League table to five points, one week before the Redsí visit to Thessal...
TRACK & FIELD
Three Greek athletes earn tickets to Prague
Greek track and field enjoyed an exceptionally good weekend of performances by local athletes at various indoor meetings, with three of them earning a ticket to the European Indoor Champions...
Inside Sports
COMMENTARY
The dogma and the command center
We have reached a critical juncture. We have a new, inexperienced government trying to see if ďthe great negotiationsĒ discussed by everyone, be they from the left or the right, on TV over t...
EDITORIAL
Silence will not be forgiven
Itís time for a turn toward realism, caution and logic. The negotiations with our partners and lenders must be concluded swiftly before the remaining healthy parts of the countryís productiv...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Deputy PM Dragasakis confident ECB will not cut liquidity for Greek banks
2. Reds stretch lead as Panetolikos upsets PAOK
3. Three Greek athletes earn tickets to Prague
4. Varoufakis counting on ECB as Sapin says Greece needs new contract with eurozone
5. Piraeus port U-turn will not hurt China investment: analysts
6. Cash may dry up earlier than thought
more news
Today
This Week
1. Dijsselbloem says Greece has to decide how to move ahead
2. Greece shakes Europe's political kaleidoscope: expect the unexpected
3. The dogma and the command center
4. France open to easing Greek debt burden, says finance minister
5. Greece offers olive branch to seek allies
6. Poll shows most Germans want Greece to stay in eurozone
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. EU must accept that Greek debt relief is inevitable
4. SYRIZA's win will test institutions
5. Greek Elections 2015: The day after | LIVE
6. Athens may veto further EU sanctions against Russia
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.