Friday November 28, 2014 Search
Weather | Athens
16o C
10o 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)  
Q3 growth was bigger than thought
Who will pay for the states ADMIE stake?
Christmas budgets slashed due to higher taxes, healthcare costs
Finance Ministry inundated with applications for debt settlement
Venizelos extends invite to Turkey at start of visit
Foreign Minister Evangelos Venizelos arrived in Ankara Friday night for two days of talks. Ahead of his visit he sought to make it clear that Greece is prepared to discuss maritime issues wi...
Vatopedi trial for 14 suspects
The Supreme Court decided Friday that 14 people should stand trial for the notorious property swap between the Vatopedi Monastery and the state six years ago. Those who will face charges of ...
Inside News
SOCCER
PAOK is one win from Europa Leagues last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
BASKETBALL
First defeat for Olympiakos in Euroleague
Olympiakos suffered its first Euroleague loss of the season going down 89-70 at Laboral Kutxa on Thursday, although the Greek team remains the favorite to clinch the top spot in its pool. Th...
Inside Sports
COMMENTARY
Change of US president wont mean change of foreign policy
Americans have again voted for change in Washington as opposition Republicans take control of both houses of the US Congress. As attention now turns to the 2016 presidential race, it's time ...
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Venizelos extends invite to Turkey at start of visit
2. Vatopedi trial for 14 suspects
3. New proposals on way to troika
4. Cabbie who carried shooter claims he was threatened
5. Govt urged to allow Syrian refugees to move on
6. Man accused by MP denies kickback claims, ND links
more news
Today
This Week
1. Greek economy expands 0.7 pct q/q in Q3
2. Change of US president won't mean change of foreign policy
3. Child molester suspect photo released by police
4. Lebanese FM: Cyprus may be jihadi transit point
5. Athens water supply 9-month profit falls 45 pct on lower charges
6. Armed man arrested on Thessaloniki campus
Today
This Week
1. Give Greece a chance
2. Extremism from a bygone era
3. Scientists expand excavation of ancient Amphipolis
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Coscos Greek unit adds multinational rail-freight client
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.