Greece: € 841 million increase in July deposits

Greece: € 841 million increase in July deposits

An increase of € 841 million was recorded in household and business deposits in July, which reflects the improvement of the Greek economy. In particular, according to the Bank of Greece’s official data, deposits of businesses and households rose to € 130.2 billion in July against € 129.4 billion in the previous month. It is worth noting that on an annual basis, deposits increased by 7.4%.

The € 301 million of the total € 841 million increase recorded in July are related to business deposits (compared with an increase of € 272 million in the previous month) whereas € 540 million in private deposits (compared with an increase of € 1,086 billion last month).

Private sector funding is diminished

By contrast, private sector funding fell by 1.5% from -1.2% in the previous month.

Monthly net flow of total funding to the private sector was negative by € 998 million against a positive net flow of € 1,055 million in the previous month.

The monthly net flow of funding to the general government in July 2018 was positive at € 143 million, against a negative net flow of € 443 million in the previous month. The annual rate of change in general government financing was -8.4% from -9.7% in the previous month.

The monthly net flow of business financing in July 2018 was negative by € 846 million against a positive net flow of € 1,053 million in the previous month while the annual rate of change was -1.0% from -0, 4% last month…. / IBNA