Hellenic Statistical Authority: Income of Greek households increased by € 1 billion

Hellenic Statistical Authority: Income of Greek households increased by € 1 billion

Greece’s household income rose by € 1 billion in the first quarter of this year, and it is another example of the improvement of the Greek economy.

According to the official data of the Hellenic Statistical Authority (ELSTAT) in the second quarter of 2018, disposable income of households and non-profit institutions serving households increased by 3.3%, from € 29.8 billion to € 30.8 billion, compared to the same quarter of the previous quarter year.

Final consumption expenditure of households and non-profit institutions serving households increased by 0.6% compared to the corresponding quarter of the previous year, from € 31.7 billion to € 31.9 billion.

In the second quarter of 2018, a surplus was recorded in the external balance of goods and services of € 0.2 billion, against a deficit of € 0.3 billion recorded in the second quarter of 2017.

In addition, in the second quarter of 2018, a deficit was recorded in the external balance of primary incomes, current and capital transfers of € 0.4 billion, compared to a surplus of € 0.2 billion recorded in the same quarter last year.

As a result of this, the total economy showed a net borrowing of € 0.2 billion in the second half of 2018. Net borrowing amounted to € 0.1 billion in the corresponding quarter of the previous year.

Also, people felt more free to save money. Thus, the household savings rate, defined as gross savings to gross disposable income, was -3.5% in the second quarter of 2018, compared with -6.2% in the second quarter of 2017.

In the second quarter of 2018, gross fixed capital formation in the non-financial corporations sector amounted to € 2.7 billion. The share of investment in the sector defined as gross fixed capital formation to gross value added, was 18.4% compared to 22.9% in the second quarter of 2017…. / IBNA