ELSTAT: Significant increase of EUR 1.3 billion in the income of Greek households

ELSTAT: Significant increase of EUR 1.3 billion in the income of Greek households

A significant increase in household disposable income is recorded by ELSTAT (Greek Statistical Authority) for the third quarter of 2018.

During this period, the disposable income of households and non-profit institutions that serve households increased by 4.1% compared to the corresponding quarter of the previous year, from EUR 29.6 billion to EUR 30.9 billion. This represents the best performance since at least 2011.

As a result, the final consumption expenditure of households and non-profit institutions that serve households increased by 1.8% compared to the corresponding quarter of the previous year, from EUR 31.6 billion to EUR 32.2 billion.

Savings

At the same time, however, the household savings rate, defined as gross savings to gross disposable income, was -4.2% in the third quarter of 2018, compared to -6.5% in the third quarter of 2017.

In parallel:

* In the third quarter of 2018, there was a EUR 5.1 billion recorded surplus in the external goods and services, compared to a surplus of EUR 6.3 billion that had been recorded in the third quarter of 2017.

* In addition, in the third quarter of 2018, a EUR 0.4 billion deficit was recorded in the external balance of primary incomes, of current and capital transfers, compared to a surplus of EUR 0.5 billion recorded in the same quarter last year.

As a result, the total economy showed net lending of EUR 4.7 billion in the third quarter of 2018, when the net lending in the same quarter last year amounted to EUR 6.8 billion.

Finally, in the third quarter of 2018, the general government sector reported a net lending of EUR 2.4 billion, compared to the third quarter of 2017, when net lending was EUR 2.5 billion./IBNA