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Greek Households Lost 12.6 Bln Euros Since 2009

Greek households have recorded losses of another 1.4 billion euros from their disposable income during the year’s second quarter, mainly due to raised taxes. Compared with the first quarter of 2014, income and wealth taxes increased by 984 million euros, the Hellenic Statistical Authority (ELSTAT) reported.
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.
According to ELSTAT, in 2014’s second quarter, the disposable income of households and non-profit institutions serving households dropped by 4.3% compared to the second quarter of 2013, to 30.8 billion euros from 32.2 billion. Accordingly, there was a further drop in consumer spending by 1.6% or 500 million euros, from 33.2 billion euros in 2013 to 32.7 billion in 2014. At the same time, the saving rate (defined as gross saving to gross disposable income) stood at -6.2% compared to -3.2% at the same period last year. It is noted that the last time the households’ disposable income had a positive sign was in the second quarter of 2009 and the last increase in consumer spending was recorded in the first quarter of 2010.
On the other hand, the gross fixed capital investments of non-financial companies increased since the second quarter of 2013 by 400 million euros or 10.8% to 3.7 billion euros from 3.3 billion euros. Additionally, the investment rate was 25.9% compared to last year’s 23, while there was a reduction in the deficit of the external balance of goods and services by 1.2 billion euros, since Greek exports of goods and services increased by 0.7% and imports dropped by 0.5% compared to the second quarter of 2013.

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