June 15, 2024

Athens News

News in English from Greece

Household incomes increased in the first half of 2021

Finance Minister Christos Staikuras speaks of an increase in household incomes during the first 6 months of 2021, as recorded in ELSTAT data.

Household disposable income continued to improve in the second quarter of the year after growing 4.5% year-on-year in the first quarter. In particular, in the 2nd quarter, the disposable income of households increased by 7% compared to the corresponding quarter of the previous year, while it also showed an increase as compared to the 1st quarter of the year.

This happened despite the fact that final consumption of households during the same period showed a significant recovery of 15.3%, for the first time since Q4 2019, on an annualized basis.

The improvement in household disposable income is reflected, among other things, in the continued growth of private deposits, which in September reached a record high in a decade, reaching 173.8 billion euros. It is worth noting that during the pandemic, deposits of individuals increased by about 28 billion euros, of which 50% are deposits of the population.

“The aforementioned positive changes justify the methodical and systematic work of the government and the Ministry of Finance, as they are the result of the right options for constantly reducing tax rates and insurance premiums, as well as unprecedented support adopted during the pandemic.

We continue to methodically and decisively implement our economic planning to achieve high and sustainable growth rates, create new jobs, strengthen social cohesion and stimulate the disposable income of citizens to overcome temporary shocks and crises, “the minister summed up his speech.

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