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Greek households poorer by 2.6 billion euro

27 January 2014 / 18:01:42  GRReporter
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The income of Greek households fell by 8% in the third quarter of 2013 compared to the same period in 2012. According to the Greek statistical service (ELSTAT), within one year, Greek households became poorer by 2.6 billion euro as their income fell from 33 billion euro in 2012 to 30.4 billion euro.

Experts say the decrease was mainly due to the reduction of wages by 9.9% and of social allowances by 8.2%. Moreover, end consumption spending of households fell by 10.2% in the period from October to December 2013 compared to the previous year. In particular, it declined from 36.1 billion euro to 32.4 billion euro.

At the same time, household savings, which are defined as net saving compared to disposable income, fell by 6.7% compared to 9.3% in 2012.

In the group of non-profit organisations, fixed capital investment fell by 7.8% within one year whereas the net lending to the state administration fell from 6.4 billion euro in the last quarter of 2012 to 1.2 billion euro a year later.

The bulletin of ELSTAT also states that a surplus in the trade balance of goods and services amounting to 2.6 billion euro was registered in the third quarter of 2013 compared to 1.8 billion euro in 2012.

Tags: SocietyIncomeDecreaseHouseholdsGreek statistical service
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