Greek Household Income Shrinks Even Further With More Belt-Tightening


Greek families that have seen their household incomes butchered noted an even greater reduction according to data released by the Hellenic Statistical Authority (ELSTAT). The latest figures show that consumer spending decreased by 1.1 percent dropping from 32.2 billion euros to 31.8 billion euros in the second quarter in 2016.

Disposable household income fell by 0.7 percent from a collective 29.9 billion in 2015 to 29.7 billion over the same period. The savings rate of households was at -7.2 percent in 2016 to -7.6 percent in 2015.

The gross investment rate of the sector, defined as gross fixed capital formation divided by gross value added, was 22.1 percent compared with 18.4 percent in the second quarter of 2015. The external balance of goods and services recorded a 0.4 percent deficit against a 0.1 billion surplus in the second quarter of 2015.

Net lending of general government during the second quarter of 2016 amounted to 0.2 billion euros compared with 1.6 billion euros of net borrowing in the second quarter of 2015.

The data presented were combined according to the new European System of National and Regional Accounts.