A distinction of “annus horribilis” for 2015 was painted with even more explicit figures late last week by the Greek statistical bureau, which reported a receding of households’ disposal income, consumer spending and savings in the country.
A distinction of “annus horribilis” for 2015 was painted with even more explicit figures late last week by the Greek statistical bureau, which reported a receding of households’ disposal income, consumer spending and savings in the country.
The bureau, EL.STAT, announced that disposal income for households and affiliated non-profit entities spending for households reached 114.8 billion euros in 2015, lower by 5.5 billion euros from the previous year (-4.5 percent).
Consumer spending by households was reduced by 2.3 billion euros, or 1.8 percent, from 125.1 billion euros down to 122.8 billion euros.
Savings also “headed south” during a year that witnessed two snap elections, a controversial referendum in the middle of summer on creditors’ terms at the time, a first half of the year marked by acrimonious negotiations with institutional creditors and, finally, imposition by the leftist government of capital controls in late June to avert a “bank run”.
Households’ savings dropped by 7 percent, compared with 2014, and at an accelerated pace from the decrease between 2013 and 2014, which was -4 percent.
The specific figure for 2015 was the worst yearly performance since the country entered the “bailout era” in 2010.
Completing the dour picture, EL.STAT announced that private investment dropped by 0.5 percent, 8.4 billion from 8.5 billion euros. On a brighter note, 2015 saw the balance between goods and services end with a 300-million-euro surplus.