Dis­pos­able in­come falls 5.5 bln

Last year house­holds saw their tak­ings shrink fur­ther, while their sav­ings rate dived deeper into the red

Kathimerini English - - Focus -

House­holds saw their dis­pos­able in­come shrink by 5.5 bil­lion eu­ros last year, com­pared to 2014, ac­cord­ing to data is­sued by the Hel­lenic Sta­tis­ti­cal Au­thor­ity (ELSTAT), il­lus­trat­ing that Greek fam­i­lies suf­fered a ma­jor drop in in­come while the SYRIZA-In­de­pen­dent Greeks gov­ern­ment was ne­go­ti­at­ing changes to the bailout pro­gram with the cred­i­tors.

Fig­ures showed that the dis­pos- able in­come of house­holds and non­profit sec­tors of the econ­omy fell by 4.5 per­cent, or 5.5 bil­lion eu­ros from 2014 to 2015, to 114.8 bil­lion eu­ros last year (against 120.3 bil­lion in 2014). House­holds’ fi­nal con­sump­tion was re­duced by 2.3 bil­lion eu­ros, or 1.8 per­cent year-on-year, to 122.8 bil­lion eu­ros (from 125.1 bil­lion in 2014).

At the same time, the data on house­hold sav­ings showed a fur­ther de­te­ri­o­ra­tion: The sav­ing rate (i.e. the ra­tio of gross sav­ings to gross dis­pos­able in­come) was -7 per­cent in 2015, against -4 per­cent in 2015.

While these data con­cern last year, the gov­ern­ment has taken ad­di­tional aus­ter­ity mea­sures this year with an em­pha­sis on in­creased taxes, and there­fore it will be in­ter­est­ing to see this year’s dis­pos­able in­come and what the sav­ings rate will be once the 2016 data come in.

ELSTAT statis­tics fur­ther showed that pri­vate in­vest­ments shrank by 0.5 per­cent to 8.4 bil­lion eu­ros in 2015, from 8.5 bil­lion in 2014.

Ex­ter­nal bal­ance

The ex­ter­nal bal­ance of goods and ser­vices recorded a sur­plus of 300 mil­lion eu­ros last year against a deficit of 4.3 bil­lion eu­ros in 2014, but this re­ver­sal is thanks to a ma­jor drop in im­ports 1.0629 rather than an in­crease in ex­ports. Data re­vealed that the value of ex­ports of goods and ser­vices fell to 56.1 bil­lion eu­ros from 57.8 bil­lion the year be­fore (i.e. by al­most 3 per­cent). Last year was the first since 2010 when ex­ports posted a de­cline on an an­nual ba­sis. In 2010 ex­ports had amounted to 50 bil­lion eu­ros, in 2011 they reached 52.9 bil­lion, while in 2012 and 2013 they came to 54.8 bil­lion eu­ros.

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