Disposable income of Greek households up by EUR 1.3 bn in the first quarter of 2019

Disposable income of Greek households up by EUR 1.3 bn in the first quarter of 2019

A significant increase, which amounted to EUR 1.3 billion, recorded the disposable income of household and non-profitable institutions (NPISHs) in the first quarter of 2019. The disposable income, according to the relevant Greek Statistical Authority’s announcement, rose by 4.9% compared to the corresponding quarter of the previous year, from EUR 26.7 billion to EUR 28 billion.

According to specific ELSTAT figures released today, during the same period, final consumer spending in the country moved marginally upwards, ie by 0.2%, ie from 29.8 billion euros to 29, 9 billion.

Savings

At the same time, the household savings rate, defined as gross savings to gross disposable income, was -6.8% in the first quarter of 2019, compared with -11.8% that had formed according to ELSTAT in the first quarter of 2018.

Investments

Additionally in the first quarter of 2019:

* Gross fixed capital formation of the non-financial corporations sector amounted to EUR 2.7 billion.

* The sector’s investment in gross fixed capital formation as gross added value was 20.2% compared to 17.6% recorded in the first quarter of the previous year.

* The general government sector reported net borrowing of EUR 1.8 billion in the first quarter of this year compared to the first quarter of 2018, when net borrowing was clearly lower, namely EUR 0.5 billion.

* With regard to the external balance of goods and services, the data of the Hellenic Statistical Authority show that a deficit of EUR 4.1 billion was recorded, against a deficit of EUR 3.7 billion recorded in the first quarter of 2018.

* The economy as a whole registered a net borrowing of EUR 4.6 billion in the first quarter of this year, according to Greek statistics. In the same quarter last year net borrowing was somewhat lower, as it was limited to EUR 4.2 billion./ibna