Greek household income grows in 2021

Greek household income grows in 2021 1

Α Greek households’ available income grew 6.2% in the third quarter of 2021 totaling 33.52 billion euros, from 31.55 billion in the corresponding period in 2020, Hellenic Statistical Authority said on Wednesday.

During the same period, final consumption spending grew by 9.9% totaling 33.9 billion euros from 30.8 billion in 2020. As a result, households’ saving rate was -1% in the third quarter of 2021 from 2.3% in the same period in 2020.

Private investments (gross fixed capital investments) by non-financial companies totaled 3.1 billion euros in the third quarter, although the investment rate fell to 17.3% from 18.5% in the third quarter of 2020.

The general government was net borrower in the third quarter (800 million euros), while the country recorded a surplus in its external balance of goods and services (1.05 billion euros) in the same period.

In comments following the statistical announcement, Finance Minister Christos Staikouras said that “the government’s applied permanent tax and insurance contribution reductions and the wide ‘net’ of support measures it has introduced during the health crisis have contributed decisively to boosting households’ available income.”

Therefore, he added, the pressures on family budgets created by the rise in inflation lately, especially in international energy price hikes, “are alleviated by the significant rise in available income that preceded it.”