Households’ disposable income fell 1 bln in Q3

Households’ disposable income fell 1 bln in Q3

Households suffered a 1-billion-euro drop in their disposable incomes in the third quarter of 2015 compared to the same period a year earlier, according to figures released on Monday by the Hellenic Statistical Authority (ELSTAT).

The statistics office announced that the income households and nonprofit organizations had left after paying their obligations amounted to 30.4 billion euros in the July-September 2015 period, compared with 31.4 billion euros in Q3 2014, meaning an annual decline of 3.3 percent.

ELSTAT data also showed that households’ consumer expenditure fell 1.9 percent year-on-year in Q3 to amount to 31 billion euros, from 31.7 billion in the third quarter of 2014.

The saving rate of households – i.e. the ratio of gross savings to the gross disposable income – amounted to -2.1 percent in summer 2015, compared with -0.7 percent in the same period in 2014.

The imports of goods and services also dropped in the third quarter to 11.2 billion euros, from 15.8 billion a year earlier, mainly due to the capital controls, which were introduced by the government on June 28. Exports were reduced by 2.9 billion euros in Q3 to 16.8 billion euros, taking the external trade balance to a surplus of 5.5 billion euros, up 1.7 billion euros.

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