Households continue to spend more than they earn
Greeks continue to spend more than they earn, as Hellenic Statistical Authority data for the first quarter of the year show a high negative rate in savings (8.1%) for households and non-profit organizations, meaning that they spent 8.1% more than their gross disposable income.
This serves as a warning regarding the country’s investment and growth prospects.
The negative rate shows that households either drew on previous deposits or borrowed to fund their expenditure.
Greece has been in negative territory since 2012, with Q1 in 2023 reporting -2.2% and the October-December 2023 quarter registering -8.9%.
