Greek households lost some 14 million euros from their available income last year, the Hellenic Statistical Authority (ELSTAT) revealed today. Apart from their income reductions, Greek households were also hit by a 10.7% reduction in workers’ pay and another 12.3% cut in social benefits.
In its report, the Greek statistics authority said that the available income decreased to 122.2 billion euros in 2013, from 136.2 billion euros in 2012, a decline of 10.2%. Furthermore, during the last five years of the crisis, the available income of Greek households fell by 48.4 billion euros, making a total of 122.2 billion euros in 2013. In 2009 available income stood at 170.6 billion euros.
Final consumption expenditure on goods and services fell by 4.8 billion euros, or 3.6% to 129.9 billion at the end of 2013, from 134.7 billion euros a year earlier. The savings rate also fell to -6.2% in 2013 from 1.1% in 2012. At the same time, private gross investments on fixed capital totaled 11 billion euros in 2013, 13.7% lower than the previous year. ELSTAT concluded that the country’s external balance of goods and services showed a shortfall of 5.4% billion euros in 2013, from 8.7 billion euros in 2012.
During the second quarter of 2014, Greek households have recorded losses of 1.4 billion euros from their disposable income, mainly due to raised taxes, which were up by 984 million euros, as ELSTAT reported earlier this week. These further losses in the households’ disposable income, added to the ones recorded in the last five years, stand at 12.6 billion euros in total. The disposable income of Greek households stood at 43.4 billion euros in the second quarter of 2009, while for the same period in 2014 it stood at 30.8 billion euros.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
